Free Personal Financial Statement for Single People

For liabilities, use the amount of your current unpaid balance on your various liabilities. For example, for a home mortgage or credit card, use the balance from your most recent statements, or obtain more current balances through direct contact (e.g., phone or internet access) with the institution or other lender.

The Personal Financial Statement can be used to organize information about your assets and liabilities, and also to present information about your income and expenses. This statement can be useful if you are applying for credit and can either be used to present information to your lender or as an attachment to your credit application itself. Sometimes a financial statement is needed in working with a financial planner. You might also use it when preparing college financial aid documents for a child.

Include the value of your personal residence. If you own it jointly with one or more other persons, include only the value of your share. Base your valuation amount on "fair market value", the amount for which you could sell the residence to a neutral third party. The amount that you paid for the residence may be relevant in helping you decide the price at which you could sell the residence to a third party, but you should also take into consideration any other factors (including the mere passage of time) that might influence the value.

Valuations provided by your local real estate taxing authority may be somewhat helpful, but in many jurisdictions, the valuation for real estate tax purposes is not actually fair market value even though it may carry the label of "true value" or "full value".

If you own more than one personal residence (perhaps a vacation home), be sure to also include the value of that residence.

1. The Personal Financial Statement is not a legal document, and therefore it sometimes does not require any signature. It is merely a statement to document information about you to allow you to present information about your financial condition in an organized, concise manner.

2. However, when this statement is used to apply for a loan, it may be necessary to certify that the information contained in the statement is true, correct and complete to the best of your knowledge. If such a certification is required, you should sign the statement. A lender will be relying on the information you are presenting when evaluating your ability to repay a loan. Obviously, if the information that you provide is incomplete, inaccurate or misleading, the lender may be induced to loan more to you than the lender would have loaned if you would have provided accurate and correct information. You should carefully review your Personal Financial Statement to make sure that you have disclosed all information that reflects upon your financial condition. Presenting misleading statements or failing to provide all relevant information could expose you to unnecessary liabilities, including revocation of the loan, civil penalties, or even criminal charges if the false statements are considered fraudulent. If you have any questions about whether a particular item should be listed or whether an item is accurately scheduled, discuss the matter with your lender to obtain further guidance.

There are various sources that you can use to determine the current value of your assets. For example, in determining the value of your house or other real estate, you should consider the purchase price, the tax assessment value, comparable properties in your neighborhood, recent appraisals, or any other information you have available to you.

When determining the value for your vehicles or boats, or similar recreation vehicles, the purchase price, the blue book value, or the sales price of similar vehicles should be considered.

To value your investments, checking accounts, savings accounts, other accounts, retirement plans, and life insurance policies, use your most recent statements, summaries or similar reports. If you need further information about a particular item, you should consult with the representative or agent that administers the account for an up-to-date value.

For household goods, use the value that could be obtained if such items were sold. Sometimes the only reasonable value is your best guess as to what the items would bring at a garage sale, an amount that might be considerably less than the value of the items to you. A reasonable estimate is acceptable.

Include the value of any business property that you may own. Such property may include your share of a business (e.g., sole proprietorship, partnership, corporation, limited liability company, or other entity). It could include tools, equipment or other assets used in a business. Use your best judgment to determine its fair market value, the amount for which the property could be sold to a neutral third party. The accountant or tax return preparer for the business may be able to help you determine the value.