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How to Make a Balance Sheet for Personal Finances

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Part of the video series: Personal Financial Planning Tips

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Summary: Trying to budget your finances? Learn how to make a balance sheet in this free video clip from a business manager.

Views: 1,105 | Tags: business, finance, financing, entrepreneur

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About the Expert

Tammy Trenta Tammy Trenta is an experienced sought after entrepreneur and seasoned financial expert who's quick wit and business sense allows her to adapt to variety of st... read more

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Video Transcript

How to Make a Balance Sheet for Personal Finances

So, as your own personal CFO, what we need to do is put together a balance sheet. A balance sheet, quite simply, is a list of your assets subtracted by your liabilities, and you come up with a net worth. Your personal new worth is going to give you that "A" number so we can figure out how to get you to "B". Here's an example of a personal balance sheet. You can also find a balance sheet on the Yahoo finance website. But, as you can see, it has cash accounts, savings accounts, investment accounts, the value of your home, all of the assets you have. And then under liabilities you can list things such as your mortgage balance, your car balance, and any other student loans or credit cards that you might owe. When you subtract these two numbers you get your net worth.

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