ĭepending on your financial situation, it’s possible that creating a personal balance sheet might reveal that you have a negative net worth. It can also be updated periodically, alongside significant life changes like getting a higher paying job, getting married, having a child or buying a home. The sheet should be updated at least once a year to give you an accurate sense of your personal finances during different moments of time. Ĭonsulting a personal balance sheet can help you prioritize debt repayment and make other important financial decisions, like taking out a car loan. By subtracting your assets from your liabilities to calculate your net worth, it creates a picture of your financial position. It includes your current assets, or what you own, as well as your liabilities, or what you owe. What is a personal balance sheet?Ī personal balance sheet is a summary of your overall financial situation at a specific point in time. In this article, we go over what a personal balance sheet is, how to create one and how to use it as an effective tool in your financial planning. Either way, finding a budgeting template or spreadsheet that works best for your finances will help you create a budget and stick to it.If you’re struggling with your financial situation and are looking for strategies to help you gain control, you may want to consider creating a personal balance sheet.īy tracking your total assets, like cash and personal property, and total liabilities, like personal loans or credit card debt, a personal balance sheet gives you more insight into your financial health, and helps you work to grow your assets while reducing your liabilities. If you just want a basic budgeting tool that you can print out and fill in, choose a printable worksheet. If you’re interested in a budgeting solution that will allow you to customize things according to your lifestyle, you’ll want to opt for a template or spreadsheet that you can download and edit. Make Budgeting Easier With a Template or Spreadsheet That Works for You And if aesthetics matter to you, this worksheet has a fun, somewhat whimsical feel due to the bright colors and scripted font. Also unlike the former, it includes a column for writing the difference after you subtract your actual expenses from your expected ones. In comparison to A Cultivated Nest’s printable budget sheet, this one is more detailed because the subcategories are already filled in for you. This free budget worksheet from A Mom’s Take is printable, which is perfect if you’re not committed to the idea of doing your number crunching online. As an added bonus, the bottom of the template includes a colorful doughnut chart that details a percentage breakdown of your monthly expenses. In the middle of the doc, you can plug in your actual and budgeted expenses. This simple monthly budget template found on TheGoodocs is designed to open in Google Docs and features a budget summary up top that includes total income and expenses, the amount saved, the amount overspent and the percentage of your budget that you utilized for the month. Free Easy Monthly Budget Template From TheGoodocs There’s also a separate sheet that details a year’s view of credit card payments, which can help give you insight into that specific area of spending. While you can choose to viewyour income and expenses by month, you can also use the yearly sheet to get a comprehensive month-to-month overview of your income and fixed expenses. This Google Sheets budget planner from 20somethingfinance stands out because it allows you to track a year’s worth of budgeting at a time.
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