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5 Full Balance Sheet Examples to Use in Calculating Personal Finances

5 Full Balance Sheet Examples to Use in Calculating Personal Finances

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According to the Financial Capability in the United States survey, only 40% of respondents said they spend less money than they make. Could it be they’re just not good with money?

How do you handle your spending? Do you use a spreadsheet to record your income and expenditures?

If you are trying to reign in your spending and put some money aside for savings, using balance sheets might help you achieve your goal.

Do you keep track of your personal finances the way you would your business finances? If not and you’d like to start, keep reading to see some balance sheet examples to use to track your finances.

1. Classified Balance Sheet

This type of balance sheet uses classifications or groupings. One group is current assets. Included in that category are things like cash, investments, and property.

The next category is current liabilities such as taxes, any monthly bills, car payments, mortgage payments, etc. The next category is equity. In this group, include any equity you have like stocks or retained earnings.

2. Unclassified Balance Sheet

If you’re thinking that this example sounds like the opposite of a classified balance sheet, you’re right. This balance sheet doesn’t use categories or subcategories. It lists all of the major assets starting with cash.

The list of liabilities goes next with anything that needs to be paid first and all other liabilities are listed by the date they are due.

3. Account Form

This form splits the balance sheet into halves. Begin by listing all assets on the left-hand side with a total at the bottom. On the right-hand side, liabilities and then equities are recorded with the total at the bottom.

The total at the bottom of each column should be equal. Your total assets are equal to the sum of your liabilities and equities.

4. Report Form

Think of a report that you did for a college or high school class. This form looks more like that. It has no columns. It lists all of your assets first. Under the assets, the liabilities are listed. Next, record all of the equities.

5. Spreadsheet

You can use spreadsheet software to create a spreadsheet to list all of your assets, liabilities, and equities. Using a template for your spreadsheet makes it easier, but you still have to manually enter the information and do the calculations.

Do you need a paystub for tax filing purposes or to show proof of income? We have great selections of payroll check template here.

Balance Sheet Examples To Track Your Finances

Now that you’ve seen some balance sheet examples, which one will you use to keep track of money coming in and going out of your household? You’ll be able to view your assets, liabilities, and equities all in one place using the standard accounting equation: Assets = Liabilities + Equities.

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