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Community Futures Development Corporation of Central Interior First Nations Personal Financial Statement PERSONAL INFORMATION: Name: Date of Birth: Social Insurance Number: City: Current address:

How to fill out personal financial statement

Who needs a personal financial statement?

1. Individuals applying for a mortgage or other types of loans: Lenders often require a personal financial statement to assess your financial health and determine your creditworthiness before approving a loan. It helps them evaluate your ability to repay the borrowed amount.
2. Entrepreneurs and small business owners: When seeking funding for their business, entrepreneurs and small business owners may be asked to provide a personal financial statement. This statement helps demonstrate their personal financial stability and serves as an indicator of their ability to manage finances.
3. Individuals applying for certain scholarships or grants: Some scholarships or grants may require applicants to submit a personal financial statement to determine their eligibility. This helps organizations evaluate financial need and allocate financial assistance accordingly.

How to fill out a personal financial statement:

1. Gather all necessary financial documents: Start by collecting all your financial documents such as bank statements, investment statements, retirement account statements, pay stubs, tax returns, and any other relevant financial records.
2. Identify your assets: List down all your assets, including cash, savings accounts, real estate properties, vehicles, investment accounts, business ownership, and other valuable possessions. Assign a current market value to each asset.
3. Determine your liabilities: Record all your liabilities, including mortgages, auto loans, credit card debts, student loans, personal loans, and any other outstanding debts.
4. Calculate your net worth: Subtract your total liabilities from your total assets to calculate your net worth. This represents the difference between what you own and what you owe.
5. Document your income: Include all sources of income, such as salary, rental income, investment gains, and any other regular earnings. Provide accurate figures for each income source.
6. Track your expenses: Make a comprehensive list of your monthly expenses, such as housing costs, utilities, transportation, groceries, insurance premiums, debt payments, entertainment, and discretionary spending. Categorize your expenses to get a better overview of your financial obligations.
7. Summarize your financial information: Compile all the gathered data in a clear and organized manner. You can use either a predefined personal financial statement template or create a custom worksheet that suits your needs.
8. Review and update regularly: Keep your personal financial statement up to date by reviewing and updating it periodically. Changes in income, expenses, or assets should be reflected promptly to ensure accuracy.

Remember, filling out a personal financial statement requires careful attention to detail and accurate information. It's crucial to be honest and transparent when providing your financial data as this statement serves as a snapshot of your overall financial health.

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