best personal statements for finance

How to Create a Personal Financial Statement + [Free Template and Sample]

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Do you want to create a personal financial statement, but aren’t sure where to start?

According to Mint.com , over 65% of people have no clue how they spent money last month. So, you can probably be pretty sure even less know how their personal finance situation.

With rising costs for essentials like housing and education due to inflation, there is no better time to get an accurate picture of your current situation today.

If you’re wondering how your finances measure up, a Personal Financial Statement can be an invaluable tool in helping you understand where you stand financially and prepare for changes ahead.

This article will walk through creating a sample personal financial statement template with examples of what this document might look like based on your situation.

A personal financial statement isn’t just for your loan applications anymore, it’s an opportunity for transparency in your finances too!

What is a personal financial statement?

A personal financial statement is a document that summarizes your assets, liabilities, and net worth. A PFS can help you understand your financial health so you can make informed decisions about your money.

A personal financial statement template will typically include three sections:

• Assets: This section will list all of the money and property you own.
• Liabilities: This section will list all of the money you owe.
• Net Worth: This section will calculate your net worth by subtracting your total liabilities from your total assets.

Your personal financial statement should be updated on a regular basis, typically once a year. This will help you track your progress and make sure you’re on track to reach your financial goals.

What are the benefits of creating a personal financial statement?

There are many great benefits of a personal financial statement.

By creating a personal financial statement, you can see at a glance how much money you have coming in, going out, and what your net worth is. This information can be extremely helpful in making financial decisions and setting goals.

Benefit #1 – Understand Your Financial Situation

This is why you must spend the extra couple of minutes to create a personal financial statement form.

Most importantly, you get a better understanding of your financial situation. This includes seeing where your money is going each month and how much debt you have.

What we call around here at Money Bliss – the 1000-foot look from above. The outsider’s perspective of what is going on with your finances.

Benefit #2 – Helps you track your progress

When it comes to personal finance, one of the best things you can do is keep track of your progress.

Tracking your progress should be important to you! By seeing everything laid out in front of you, it becomes much easier to make informed financial decisions that will help improve your overall financial picture.

Benefit # 3- Find some areas of improvement

Since a personal financial statement is a document that summarizes your income, expenses, assets, and liabilities in one place it helps you see the financial big picture. Thus, spotting areas for improvement are easier.

For example, if you see that you are spending too much money on non-essential items, you can make changes to improve your financial health.

Benefit #4 – Useful Tool to Set Goals

Next, it can help you set goals. Once you see where you stand financially, you can set goals for paying off debt or saving more money each month.

This aids you to make better financial decisions by providing a clear picture of your financial situation.

Benefit #5 – Snapshot to help you stay motivated

Creating a personal financial statement can be incredibly helpful in staying motivated to save money and achieve your financial goals. Seeing your progress in black and white (or, more accurately, green and red) can be a strong motivator to keep going.

Using a personal finance statement is especially helpful if you’re working towards paying off debt or saving for a specific goal. It can be difficult to stay motivated when you’re not seeing progress, but seeing the numbers going down (or up) can give you the boost you need to keep going.

Benefit #6 – Monitor your financial health

Creating a personal financial statement can help you monitor your financial health and make informed decisions about your spending and saving habits.

• If you see that your expenses are consistently exceeding your income, for example, you may need to make some changes to ensure that you are able to meet your long-term financial goals.
• Easier to spot opportunities to save money or invest in assets that will grow in value over time.

Monitoring your financial health on a regular basis can help you avoid debt problems and keep track of your progress toward financial goals.

What are the types of personal financial statements?

A personal financial statement is a form or spreadsheet detailing a person’s overall financial health. This statement is typically used to apply for business loans or other forms of financing. There are two types of personal financial statements:

• The first type is the balance sheet, which lists a person’s assets and liabilities.
• The second type is the income statement, which details a person’s income and expenses.

The balance sheet provides an overview of a person’s financial situation at a particular point in time, while the income statement shows how much money a person has coming in and going out over a period of time.

Both types of statements are important in helping lenders evaluate a borrower’s ability to repay a loan. As well as for you to monitor your personal situation.

What are the components of a personal financial statement?

A personal financial statement is not just a document that shows how much money you have in your bank account. It also includes other important components to show a well-rounded picture.

Most people know that a personal finance statement includes income, assets, and liabilities. But did you know there are actually four main components of a personal financial statement?

A personal financial statement varies from a traditional balance sheet that is used for a company.

Your income is everything you earn in a year from all sources, including your job, investments, alimony, and more.

You should list all of your sources of income on your personal financial statement so you have a clear picture of what you’re bringing in each month.

• Include all sources of income, even if they are irregular or one-time payments.
• List after-tax income.
• If you are married or have a partner, include their income as well.
• Update your income regularly to reflect any changes (e.g., new job, raise, bonus).

This will help you make informed decisions about your spending and saving.

This is the money you spend each month on things like your mortgage or rent, car payments, groceries, and other necessary expenses.

Here are over 100 personal budget categories for various expenses.

Assets are everything you own like your home equity or the value of your car and can use to pay your debts. This includes cash, savings, investments, property, and possessions.

Calculate your total assets by adding up the value of all your cash, savings, investments, property, and possessions.

So, is a car an asset ? Well it depends if there is a loan against it.

Liabilities

Your liabilities are everything you owe money on. This includes, but is not limited to:

• Student loans
• Credit card debt
• Any other personal loans

Your liabilities also include any money you may owe in taxes.

How to create a personal financial statement – Part 1

There are a few key things you need to know in order to create a personal financial statement.

The first part includes what is needed for your net worth – assets and liabilities. The second part includes your current income, expenditures, and savings.

We will show you next how to collect all of this information, then you can start to work on creating a personal financial statement.

Step #1 – Determine your current assets and business profit

The first is your current assets. Your assets are everything you own and can use to pay your debts. This includes your savings, your home equity, and any investments you have. You will need to know the value of all of these things in order to create an accurate personal finance statement.

To determine the value of your assets, start by looking at your savings. This can be any money you have in the bank, including checking, savings, and money market accounts. Add up the total balance of all these accounts to get your total savings.

Next, determine the value of your home equity. This is the difference between what your home is worth and how much you still owe on it. To calculate this, look up the current value of your home and subtract any outstanding mortgage or other loan balances from it. This will give you an estimate of how much equity you have in your home.

Finally, add up the values of any investments you have. These can include stocks, bonds, mutual funds, and other types of investment accounts. Once you have all these values totaled up, this will give you an estimate of your current assets.

Step #2 – Determine your current liabilities

Your current liabilities are all of the debts and financial obligations that you currently have.

This can include things like credit card debt, car loans, student loans, and any other type of loan that you are currently paying off.

To get an accurate picture of your current liabilities, you will need to gather up all of your bills and statements so that you can see exactly how much you owe.

Step #3 – Determine your net worth

Your net worth is your assets – your savings, your home equity, and your stocks and investments – minus your liabilities. To calculate it, simply subtract your total liabilities from your total assets. This will give you your net worth.

Your net worth is a good indicator of your financial health.

It can help you make decisions about saving and investing, and it can also be a useful tool for budgeting. If you want to improve your financial health, focus on increasing your net worth by saving more money and investing in assets that will grow in value over time.

Your goal is to double your liquid net worth quickly.

How to create a personal financial statement – Part 2

Now, you have developed your next worth statement. The next step in creating a personal financial statement is to determine your monthly cash flow of money or annual cash flow.

This second part includes your current income, expenditures, and savings.

Step #1 – Determine your monthly income

Firstly, you will need your income flow section. This could come from your pay stubs, or if you are self-employed, your profit and loss statements.

Your monthly income includes all money that you earn in a month, including salary, wages, tips, commissions, child support, alimony, and any other regular payments that you receive.

Step #2 – Determine your monthly expenses

The next piece is to determine your monthly expenses. This includes things like your mortgage or rent, car payments, credit card bills, and any other regular expenses. You’ll also want to factor in occasional expenses, like doctor’s appointments or annual membership fees.

Your expenses can be divided into two categories: fixed and variable.

Fixed expenses are those that remain the same each month, such as rent or mortgage payments, car insurance, and minimum credit card payments. Variable expenses change from month to month and can include items such as groceries, utility bills, entertainment, and clothing.

Step #3 – Determine your monthly savings

Typically, most advice will leave out monthly savings. However, this. is a critical piece to learning how to FI – financial independence.

Once you have both your income and expense information, you can begin to calculate your monthly savings. To do this, simply take your total income and subtract your total expenses. The remaining amount is what you have available to save each month.

Maybe you just calculated this and realize you have a negative number (meaning you spend more than you earn each month), then you will need to make some changes in order to improve your financial situation.

It is important to note that a personal financial statement is not static.

Your income and expenses can change from month-to-month, so it is important to recalculate your statement on a regular basis. Additionally, as you begin to save more money each month, the amount available for savings will increase as well.

How to use a personal finance statement template

A personal financial statement is a snapshot of your financial health at a given point in time. It lists your assets, liabilities, and net worth so you can see the big picture of your finances.

You can use a personal finance statement template to track your progress over time and make changes to improve your financial health.

Here’s how to use a personal finance statement template:

• Enter your information into the template. This includes details about your income, expenses, debts, and assets.
• Review your numbers and calculate your net worth. This is the difference between your total assets and total liabilities.
• Watch for comparisons. Compare your net worth from one period to another to track your progress over time.
• Make tweaks. Make changes in areas where you want to improve, such as increasing savings or paying down debt.
• Repeat steps 1-4 periodically . Then you can see how well you’re doing and make necessary changes

How to interpret a personal finance statement

A personal financial statement is a document that shows your current financial health. It lists your assets and liabilities, giving you a clear picture of your net worth.

• Positive net worth means you have more assets than debt.
• Negative net worth means you have more debt than assets.

Your personal financial statement will help you to set financial goals and track your progress over time. For example, if you want to become debt-free within five years, you can use your statement to create a budget and track your progress each year.

If you have a negative net worth, don’t panic! You can improve your financial health by paying off debts and building up your savings.

Creating a budget will help you make the most of your income and make headway on your financial goals.

How to use a personal financial statement to make financial decisions?

This is the important piece of becoming a millionaire.

A personal financial statement can help you see where your money is going each month and make changes to ensure that you are saving enough for your future goals.

Way #1 – Look at your current financial situation

Your personal financial statement is a record of your income and expenses over a period of time. This information can be used to make financial decisions, such as whether to save money or invest in a new business venture.

If you are looking to save money, you will want to compare your total income to your total expenses. If your expenses are greater than your income, you will need to find ways to reduce your spending. You may also want to consider investing in a savings account or retirement fund.

If you are looking to invest in a new business venture, you will want to assess your current financial situation. You will need to determine how much money you can afford to invest and whether or not the venture is likely to be successful.

Doing this analysis before making any decisions can help you avoid making costly mistakes.

Way #2 – Determine your financial goals

There are a few key things to keep in mind when you’re determining your financial goals.

First, you need to think about your short-term and long-term goals.

• Your short-term goals might include things like saving up for a down payment on a house or car or paying off high-interest debt.
• Your long-term goals might include things like saving for retirement or sending your kids to college.

Once you’ve determined your goals, you need to think about how much money you’ll need to reach them. This is where a personal financial statement can come in handy.

This information can help you figure out how much money you have available to put towards your financial goals.

Once you have an idea of how much money you need to reach your financial goals, the next step is to develop a plan for how you’re going to save that money. This might involve setting up a budget and sticking to it, investing in a specific savings account or investment account, or taking advantage of employer matching programs if they’re available.

Making smart financial decisions is important for achieving both your short-term and long-term goals. A personal financial statement can help you determine how much money you need to reach your goals, and develop a plan for saving that money.

Way #3 – Make a budget

Your personal financial statement can be a helpful tool when you’re trying to make a budget. This document lists your income and expenses and can give you a clear picture of your financial situation.

To use your personal financial statement to make a budget:

• Look at your overall income and expenses. This will give you an idea of where your money is going each month.
• What are Necessary Expenses? Determine which expenses are necessary and which ones you can cut back on.
• Prioritize your List. Make a list of your monthly income and expenses, with the necessary expenses first. And drop the expenses at the bottom of the list.
• How Much is Left? Determine how much money you have left over each month after paying for necessities. This is the money you can use for savings or other goals.
• Adjust your budget as needed based on changes in your income or expenses.

Way #4 – Invest in yourself

There are a lot of things you can do to invest in yourself, but one of the smartest things you can do is to invest in your personal finance education.

In fact, one of the popular millionaire quotes from Warren Buffet is :

Invest in yourself as much as possible. Warren Buffet

Investing in yourself is one of the smartest things you can do.

Way #5 – Stay disciplined

Making financial decisions can be difficult, but if you have a personal financial statement, it can help you stay disciplined.

A personal financial statement is a document that shows your income, expenses, and assets. It can help you track your spending and see where you can save money. That my friend is black and white information.

Making financial decisions can be difficult, but if you have a personal financial statement, it can help you stay disciplined and on track.

What are some common mistakes to avoid when creating a personal finance statement?

There are many common mistakes people make when creating a personal financial statement. This can lead to an inaccurate picture of your financial situation and make it difficult to make informed decisions about your finances.

Any of these common mistakes can also lead to problems down the road because you will be unable to meet your financial obligations.

• Not including all sources of income
• Not including all debts and expenses
• Forgetting to track new sources of income
• Overstating or understating expenses
• Not properly categorizing expenses
• Forgetting to update (or review) the statement regularly
• Not tracking progress over time
• Too scared to seek professional help if needed.

By avoiding these common mistakes, you can create a personal financial statement that accurately reflects your financial situation and helps you make better decisions about your money.

How often should a personal finance statement be updated?

You should update your personal finance statement at least once a year.

However, you may want to update it more frequently if you have significant changes in your income or expenses. For example, you may want to update your personal finance statement after you get a raise or buy a new car.

A Personal Financial Statement Template Example

A personal financial statement is a document that summarizes your financial health.

It includes information about your income, expenses, debts, and assets. This information can be used to make informed decisions about your finances.

There are many personal finance statement templates available online. Some banks and financial institutions offer their own templates. You can also find templates in our free resource library. Once you find a template you like, you can download it and fill it out with your own information.

When filling out a personal financial statement template, be sure to include accurate and up-to-date information.

This will give you the most accurate picture of your financial health. Review your statements regularly to track your progress and make changes as needed.

Time to Create A Sample Personal Financial Statement

When creating a personal financial statement, it is important to include all sources of income, not just your salary. This includes any freelance work, investments, or other forms of passive income. Additionally, make sure to include any government benefits or assistance you receive.

Excluding all sources of income will give you an inaccurate picture of your financial situation and make it difficult to create a realistic budget.

This is something you need to spend dedicated time doing to create a personal financial statement worksheet.

Over time, this wealth management tool will help you to become the next millionaire.

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The Complete Beginner Guide to Personal Financial Statements

No one wants to be broke, living paycheck to paycheck, or struggling with money. Everyone wants to succeed with their finances. But many people struggling with their finances don’t know how their money works. If you really want to succeed in personal finance, you have to treat your finances like a business with personal financial statements.

Think of yourself like a business

Successful businesses do not just guess how they are performing, they perform detailed analyses regularly. As a corporate accountant and financial analyst for nearly a decade, I spent my work days looking into the details of products at multibillion-dollar companies. We didn’t guess how our finances worked, we understood everything from revenue sources to expenses for every product and customer.

We should take the same approach to our personal finances. In “the business of you,” you have the same concerns as any corporation. Businesses have to generate enough revenue to cover all expenses and have leftover cash to reinvest or pay owners as profit. You also need to earn each month to cover your expenses and have enough left over for savings, investments, and a little fun.

To understand how your personal business is performing, you need the same financial reports that business managers and investors use to make the best decisions. These financial statements are the balance sheet, income statement, and cash flow statement. Lucky for us, with some great, free tools at our disposal, putting together our own personal financial statements isn’t all that difficult or time-consuming.

If you follow along, you will end with your own personal balance sheet, personal income statement, and personal cash flow statement. You will have enough information at your fingertips to understand where your money comes from, where it is going, what you have, what you owe, and if you are on track to meet your financial goals.

Get your financial information in one place

To start, you need all of your financial information in one place. Some people might gather a stack of paper financial statements, but I prefer to log into one website or app and have everything quickly available. I have used similar sites since 2007, and my longtime favorite is Empower . When I log into Empower , I can view a snapshot of all of my financial accounts. I can view balances in one place, or click to view recent transactions and more account details. Take a look at a sample dashboard below.

Empower tracks my spending by category and calculates my net worth automatically. While it is incredibly useful for all of these features, and that’s why we need it today, the most powerful features focus on your investments. Empower will conduct an automatic investment analysis for every connected account. I used information on investment fees to shift to similar, lower-fee mutual funds to save over $300 per year in investment fees. Over the years, that is thousands of dollars I will have for retirement I don’t have to give away to big companies.

So start out by heading to Empower and connecting all of your bank, credit card, loan, and investment accounts. If you connect every financial account, you’ll have the big picture of your finances you need to build all of the financial statements below. Everything we’ve discussed is completely free of charge, which is awesome!

If you have more than $100,000 in investable assets, you may be contacted by Empower for additional investment services. They offer a great advising product, but you are not obligated to accept and can always use the Empower dashboard and tools for free.

Personal Financial Statements: Balance Sheet

In personal finance, we discuss our net worth or the total value of our assets fewer debts. Businesses have the exact same thing, but they call it a balance sheet. A balance sheet shows the net worth of a business, but on a balance sheet, net worth is called shareholder’s equity.

For those of us who have not taken accounting , here is a quick rundown. Assets on the left, liabilities on the right, and shareholder’s equity below liabilities. Assets + Liabilities = Shareholders Equity.

A personal balance sheet is a snapshot in time. From month to month as you earn money and spend money, your personal balance sheet changes daily. If you make a purchase on your credit card, your liabilities increase. If you get paid, your assets increase. If you buy something with cash, your assets go down. This type of change in your balance sheet happens every time you make a purchase or enter into any type of financial transaction.

How to Build a Personal Balance Sheet

I have built a monthly personal balance sheet every month since July 2008. I use a free website called NetWorthShare to track my net worth, which I do every month. I have an epic tracking page of all monthly net worth entries from 2009 to 2011 here . Thanks to the built-in charts, you can watch my net worth slowly build before grad school, drop to near zero as I finished my MBA program, and slowly climb with some real estate-related jumps.

To gather the data for my personal balance sheet, I use my account balances at Empower , the home value from RedFin , and update my car values annually from Kelley Blue Book . Here is a screenshot of my update from January 2017, before I bought my current home.

As you can see, this month my cash went down, other assets ( Lending Club loans that I cashed out) went down, and my credit card balances went way down. I pay my credit cards off in full every month but do to all of my spending on credit cards to maximize travel miles and points for free trips . My stocks and retirement balances were up thanks to a good month in the stock market, and this was the first month I started tracking my wife’s car in our net worth.

This month my net assets were up $12,297 and my debts were down $2,070. My net worth was up $14,367 for the month, or 3.60%.

I started tracking my net worth shortly after leaving college, which makes this a nearly complete view of my net worth over my career. The biggest jumps were all related to buying and selling homes. They make it seem like the big swings from grad school tuition were not so big after all!

Understanding Your Balance Sheet

Assets as a positive number plus liabilities (a negative number) give you your personal net worth. This snapshot from an earlier net worth update shows how equity fits into the balance sheet and makes the personal balance sheet look more like a business balance sheet.

Ultimately, the goal is the grow your equity, or your net worth, over time. Remember that your personal finances are a marathon, not a sprint, and you won’t see your net worth skyrocket instantly. If it was easy to get rich quickly, everyone would be rich! The chart above tracks my net worth for more than nine years!

Analyzing Your Balance Sheet

If you look at business balance sheets for public companies, you will find that most have a positive value for shareholders equity on the balance sheet, but not all. Some have a negative net worth, which is not sustainable in the long run. The same is true for our personal net worths. If you have more debts than you do assets, you have a negative net worth.

This is not uncommon. As student loans and other debt balances rise across the country, more people find themselves buried under debt owing far more than they have. If you have a negative net worth, flipping that balance from red to black should be a top priority. When you budget well and spend less than you earn, higher net worth is inevitable.

Stock analysts and financial analysts use some financial ratios to measure a business’s financial health. We can use the same math for our personal balance sheet to get a better view of your financial health. For example, the quick ratio, also known as the acid test, shows the ability to pay bills over the short term.

To calculate the quick ratio, we divide current assets over current liabilities. “Current” assets are cash and equivalents, while current liabilities are any debts owed in the next month. Large businesses use debts due within one year when calculating the quick ratio.

Using the snapshot of the balance sheet above, the quick ratio is calculated as follows: 12,768/227. In this case, the quick ratio is 56.25. That means I could cover my current liabilities 56 times with my current assets. This is a great result. A quick ratio of 1.0 means you are living literally month to month, or paycheck to paycheck. A quick ratio below 1.0 means you are dealing with immediate liquidity issues and can’t make all required payments.

While the short-term assets category for companies is anything due within a year, I am using within one month as current as that is more appropriate for a person making regular bill payments. From big swings in income or big debt payments, you can undergo a big change in a month’s time. That is why I like to track my finances every month.

Personal Financial Statements: Income Statement

Next, we are going to look at our earnings and expenses over a period of time. This is measured with the income statement or in our case a personal income statement. I actually put together an income statement every month for my business. I give a high-level view every month in my monthly income reports . An income statement is also called a profit and loss statement, or a P&L. I can view my business P&L quickly in Quickbooks .

Below is a screenshot of my business income statement for August 2017. In my regular income reports, I take out my own paycheck (included in the cost of labor) and taxes. This is the full version I use for accounting , income taxes, and financial planning.

While you could use Quickbooks for your personal finances, it may be overkill. But again, Empower has you covered. But before we look at that, let’s look at an old-school spreadsheet example I put together in Microsoft Excel. Here is a personal income statement based on a hypothetical situation. These are fabricated numbers just for this post, and any resemblance to anyone’s actual finances is purely coincidental. I made this spreadsheet publicly available here in  Google Sheets .

So, a net income is what you keep after everything you earn and spend. Your net income at the end of a time period rolls into your balance sheet as cash or assets. There is no right or wrong net income. There is only one rule, IT HAS TO BE GREATER THAN ZERO! The bigger the better. You should put that net income into savings or retirement. You could even put savings as a category under expenses or a deduction of income in the revenue section to build in your savings.

The Empower income statement is displayed as cash flow. Here is a screenshot of the expense section from Empower. When your accounts are connected, your cash flow is automatically calculated for you without doing any work!

Getting details from your income and expense category breakdown is even more helpful. You can look for opportunities to cut expenses, improve your budget , pay off debt, and boost your savings. Your personal income statement is a valuable tool. Use it to make sure you always spend less than you earn so your net worth will rise every month.

Learn More Best Budgeting Apps: Mint Alternatives

Personal Financial Statements: Statement of Cash Flow

The last major statement is the statement of cash flow. For personal financial statement purposes, this is very similar to the personal income statement, so we won’t spend as much time here as we did on the other two. However, it is still an important concept to understand.

In business, the statement of cash flow shows all cash in and out of the business broken down into three categories: operations, investing, and financing.

For personal purposes, the traditional cash flow statement breakdown is not quite as useful. However, every month we all have cash come in (hopefully) and cash goes out. At the end of the day, the accounting statements above show us what assets we have and what liabilities we owe, but not our cash position. That is what the statement of cash flow is for.

The goal here is to minimize cash outflow from operations (living expenses). You also want to see the final “Total Cash Flow” be positive, indicating a net increase in cash.

I have saved this template as another  Google Spreadsheet that anyone can access . Feel free to copy it to your own Google Drive account or into a spreadsheet file on your computer. The only cells that you need to fill in are the grey ones. Everything else is automatic.

What Do Personal Financial Statements Mean?

To wrap up this guide to personal financial statements, we will explore the results and what they really mean for your finances.

The Personal Balance Sheet gives us our liquidity position.  To analyze the information here, look at the quick ratio and acid test.  If your current assets do not meet or exceed your current liabilities, you need to make a quick change to your financial situation.

The Personal Income Statement tells you how much you make in a given period as a net income.  A high net income means you have a good income/spending gap.  A negative net income means you are spending more than you make and should make a quick lifestyle change.

The Personal Cash Flow Statement gives you a breakdown of your cash position in a period.  It is okay for you to have a negative cash flow in some instances, such as paying down debt.  If you do this for too long, however, you will end up in trouble with debt.

Stock analysts grade companies every day and give them ratings for creditworthiness and investment grade.  Compare yourself to publicly traded companies by calculating their quick ratio , return on assets , and profit margin . It is a fun exercise to see your financial health, putting you on track to living a more profitable life.

What is your stock worth? Would an investment in your business be a smart bet? Make your finances something you can be proud of. Take advantage of income from your job and side hustles . Your money should be helping you live the life you want, not holding you back.  If your personal financial statements say otherwise, it’s time to get profitable.

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Personal Financial Statement: Definition, Uses, and Example

What Is a Personal Financial Statement?

The term personal financial statement refers to a document or spreadsheet that outlines an individual's financial position at a given point in time. The statement typically includes general information about the individual, such as name and address, along with a breakdown of total assets and liabilities . The statement can help individuals track their financial goals and wealth, and can be used when they apply for credit .

Key Takeaways

• A personal financial statement lists all assets and liabilities of an individual or couple.
• An individual's net worth is determined by subtracting their liabilities from their assets—a positive net worth shows more assets than liabilities.
• Net worth can fluctuate over time as the values of assets and liabilities change.
• Personal financial statements are helpful for tracking wealth and goals, as well as applying for credit.
• Although they may be included in a personal financial statement, income and expenses are generally placed on a separate sheet called the income statement.

Understanding the Personal Financial Statement

Financial statements can be prepared for either companies or individuals. An individual’s financial statement is referred to as a personal financial statement and is a simpler version of corporate statements . Both are tools that can show the financial health of the subject.

A personal financial statement shows the individual's net worth —their assets minus their liabilities—which reflects what that person has in cash if they sell all their assets and pay off all their debts. If their liabilities are greater than their assets, the financial statement indicates a negative net worth. If the individual has more assets than liabilities, they end up with a positive net worth.

Keeping an updated personal financial statement allows an individual to track how their financial health improves or deteriorates over time. These can be invaluable tools when consumers want to change their financial situation or apply for credit such as a loan or a mortgage . Knowing where they stand financially allows consumers to avoid unnecessary inquiries on their credit reports and the hassles of declined credit applications.

The statement allows also credit officers to easily gain perspective into the applicant's financial situation in order to make an informed credit decision. In many cases, the individual or couple may be asked to provide a personal guarantee for part of the loan or they may be required to put up collateral to secure the loan.

Special Considerations

A personal financial statement is broken down into assets and liabilities. Assets include the value of securities and funds held in checking or savings accounts , retirement account balances, trading accounts , and real estate. Liabilities include any debts the individual may have including personal loans, credit cards, student loans, unpaid taxes , and mortgages. Debts that are jointly owned are also included. Married couples may create joint personal financial statements by combining their assets and liabilities.

Income and expenses are also included if the statement is used to attain credit or to show someone's overall financial position. This can be tracked on a separate sheet or an addendum, called the income statement . This includes all forms of income and expenses—typically expressed in the form of monthly or yearly amounts.

The following items are not included in a personal financial statement:

• Business-related assets and liabilities: These are excluded unless the individual is directly and personally responsible. So if someone personally guarantees a loan for their business—similar to cosigning —the loan is included in their personal financial statement.
• Rented items: Anything rented is not included in personal financial statements because the assets aren't owned. This changes if you own the property and rent it out to someone else. In this case, the value of the property is included in your asset list.
• Personal property: Items such as furniture and household goods are typically not included as assets on a personal balance sheet because these items can’t easily be sold to pay off a loan. Personal property with significant value, such as jewelry and antiques, may be included if their value can be verified with an appraisal .

Business liabilities are only included in a personal financial statement if an individual provides the creditor with a personal guarantee.

Keep in mind. Your credit report and credit history are big considerations when it comes to getting new credit and every lender has different requirements for issuing credit. So, even if you have a positive net worth—more assets than liabilities—you may still be refused a loan or credit card if you haven't paid your previous debts on time or have too many inquiries on file.

Example of a Personal Financial Statement

Let's assume that River wants to track their net worth as they move toward retirement . They have been paying off debts, saving money, investing , and are getting closer to owning their home. Each year, they update the statement to see the progress they have made.

Here's how they would break it down. They would list all their assets—$20,000 for a car, $200,000 for their house, $300,000 in investments, and $50,000 in cash and equivalents . They also own some highly collectible stamps and art valued at $20,000 that they can list. Their total assets are, therefore, $590,000. As for liabilities, River owes $5,000 on the car and $50,000 for their house. Although River makes all of their purchases with a credit card, they pay the balance off each month and never carry a balance. River cosigned a loan for their daughter and $10,000 remains on that. Even though it is not River's loan, they are still responsible, so it is included in the statement. River's liabilities are $65,000.

When we subtract their liabilities from their assets, River's net worth is $525,000. Although they use it mainly to track their financial health, River can use this information—and the statement as a whole—if they want to apply for any other credit.

Small Business Administration. “ Personal Financial Statement .” Pages 2-3.

Experian. “ What Happens If Your Loan Is Denied? ”

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The personal balance sheet, the income statement, why use a personal financial statement, download the personal financial statement template, related articles, personal financial statement.

An individual’s financial position at a given point in time

A personal financial statement is a document, or set of documents, that outlines an individual’s financial position at a given point in time. It is usually composed of two sections – a balance sheet section and an income flow section.

Although an individual can use more complex personal financial statements, this article will focus on a simple version. The format outlined in this article is a good starting point for individuals who are new to using personal financial statements to record their personal finances.

The balance sheet part of the personal financial statement lists the individual’s assets and liabilities , just as the balance sheet for a business lists all the assets and liabilities of the business.

The sample personal balance sheet shown above outlines John’s financial position as of August 8, 2017.

As can be seen from the balance sheet, John’s total assets are worth $353,600. His total liabilities are $260,500.

Thus, from analyzing the MS Excel balance sheet, we see John’s net worth is $93,100.

The simple format used above can be modified per an individual’s requirements. For instance, Bob might have 5 checking accounts, 5 savings accounts, 3 houses, and 3 cars. With a few modifications, the template used by John can also be used by Bob.

Unlike the balance sheet, which lists out all stock variables affecting an individual’s financial position, the income statement lists out all flow variables affecting an individual’s financial position.

The sample personal income statement shown above lists John’s monthly income and expenses.

As can be seen from the income statement, John’s total monthly income is $12,000. His total monthly expenses are $9,350.

A combined view:

A personal financial statement can be a very valuable tool in planning out one’s finances. It is usually goal-oriented and can help an individual reach his or her financial goals, especially for young professionals entering the workforce for the first time. Most of these people are new to financial planning and a simple personal financial statement is an easy place to start.

Why Create a Personal Financial Statement in MS Excel?

• – It is easy to add entries, make changes, etc.
• – Cloud services such as iCloud or Google Drive allow the user to access his or her financial statement remotely.
• – As an individual gains experience regarding financial planning, he or she can make use of the tools offered by MS Excel for financial planning.

Download the free Excel template now to advance your finance knowledge.

Thank you for reading CFI’s explanation of a personal financial statement. To learn more about finances, cash flows, and financial statements, see the following free CFI resources:

• Balance Sheet
• Income Statement
• Cash Flow Statement
• Three Financial Statements
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Sample Personal Statement Accounting and Finance

by Talha Omer, MBA, M.Eng., Harvard & Cornell Grad

In personal statement samples by field.

The following personal statement is written by an applicant who got accepted to several top accounting and finance programs. Variations of this PS got accepted at the University of Michigan, Vanderbilt, and Indiana University. Read this personal statement to understand what a top essay in Accounting and Finance should look like.

Example Personal Statement Accounting and Finance

I have never made popular choices, whether academic or professional. Where high academic achievement irrefutably means pursuing a career in Medicine or STEM, I opted for a career in management. I was free to choose a path for myself, owing to my performance during an extensive pre-induction professional training program. Fortunately, I picked a path that everyone believed was insignificant.

My decision to move to a new city to pursue my path did not receive encouragement. Making my own decisions has given me the freedom to dream and make it a reality. It has strengthened my belief that I am the only one who can bring a difference for myself and those around me. Brazil’s institutions may seem frozen, yet, at the grassroots, Brazil is in perpetual motion with ceaseless creativity. To accelerate this motion, we need to bring better and more affordable solutions; I plan to do that.

Growing up in Brazil, I have constantly questioned why we are still not growing economically despite having abundant resources. I frequently discussed the economic factors affecting us with my father, leading me to work at local NGOs and attend voluntary programs. My interest intensified when I discovered during these experiences that the unequal distribution of resources was a major cause of our economic constriction.

Moreover, our medical, engineering and academic professionals would not work in rural areas due to a lack of facilities, further debilitating the imbalance. It made me realize that we could only reap the benefits of our efforts if there were a proportionate distribution of resources. Realizing how effective mobilization of resources can aid in eradicating social ills, I developed an interest in management. This equipped me with technical knowledge and provided room for opinion building.

Pursuing this path, I joined the leading undergraduate institution in the country. The zeal with which I made this decision led me to graduate summa cum laude. While studying, I taught communication skills to undergraduate business students from rural areas. Meeting these students compelled me to get involved even though I lacked formal teaching training. Through empathy and friendly get-togethers, I was able to help these students conveniently traverse in English. With this experience, I understood that my time and energy had been well spent and that as an agent of change, one does not necessarily need to be exceptional; instead, one requires creativity, patience, and emotional intelligence.

After graduation, I followed through with my goal of facilitating change by joining the banking sector as an accounting and finance trainee. By working in Brazil’s most vital financial sector, I was exposed to diversified experiences, from being as simple as issuing customer chequebooks to designing accounting and credit proposals to the tune of USD 1.2 billion. Furthermore, while working on individual projects, I developed an in-depth understanding of international accounting rules that regulated trade transactions; the learning opportunities were immense.

Two and a half years of experience in the finance sector brought me to work for the country’s central bank. The anxiety that accompanied moving away from home for the first time was overwhelmed by my professional and personal growth. Nine months of extensive training and on-the-job assignments exposed me to interminable learning opportunities. However, my real gain has been in the form of self-improvement and growth that accompanied my first experience living independently. Leaving the protective living that I enjoyed with my family is challenging, but it has developed and strengthened my capabilities of taking and owning my decisions. Above all, knowing that my family is not always around to guide me has instilled in me a greater sense of responsibility.

During the two a half years of experience in accounting and finance, I observed the financial exclusion experienced by some important yet financially constrained sectors of the economy. This exposure motivated me to join the Development Finance Department upon my appointment to the country’s central bank. Moreover, most of the firms operating in any country of the world are either small or medium enterprises. Thus, providing an enabling environment to such enterprises is significant for economic growth and employment generation.

In Brazil also, 90 percent of the enterprises are small and medium-sized, and lack of access to formal sources of finance is a significant impediment to these enterprises’ growth. Therefore, a huge room for improvement is available concerning the development of policy framework and market infrastructure for the financial inclusion of this sector. As a part of the central bank, I have been allowed to intervene in a system that is not effectively performing its role of financial intermediation. Innovation in financial products, development of accounting and risk mitigation strategies are requirements to alleviate this segment’s financial exclusion.

By broadening my exposure and enhancing my knowledge, I aim to equip myself better to address the shortcomings of one of the critical segments of the economy.

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• Finance Personal Statement Examples

Here are two finance personal statement examples from some of the best students in undergraduate and postgraduate programmes. Both examples you can use as inspiration and motivation to write your own personal statement for university . 

Finance Personal Statement

Ever since I discovered my passion for the finance industry at a young age, I have been determined to pursue a career as a financial consultant and advisor. It is this unwavering ambition that has led me to apply for the MSc course in Finance at the esteemed London School of Economics and Political Science (LSE). I firmly believe that this course will provide me with the necessary tools and knowledge to achieve my career goals by expanding my understanding of financial products, the intricate workings of financial markets, and investment banking.

The reputation of LSE as a university of academic excellence is one of the key reasons for my decision to apply. I am aware of the university’s ability to equip students with critical analysis skills that are essential for becoming leaders in their chosen sectors. Moreover, being located in the heart of London provides unparalleled opportunities for networking and professional development in the world of business and finance. The course’s comprehensive approach, which strikes a balance between theoretical and practical modules, is also highly appealing to me.

My educational background in accounting has laid a solid foundation for my advanced studies in finance. Through my coursework in accounting, I have developed strong numerical skills and gained practical experience in management accounting and reporting roles within financial firms. It was during my studies that I discovered a particular interest in Strategic Financial Management, where I was introduced to financial products such as equities, derivatives, fixed income, and bonds, along with their significance in financial markets. Building on this knowledge, I have become a qualified accountant and have gained valuable work experience as an Associate at Deloitte, where I am part of the project management team, responsible for decision support. This role has honed my ability to work under pressure and within tight time constraints, allowing me to meet urgent and conflicting deadlines.

To stay up-to-date with the dynamic financial market, I avidly follow financial news through subscriptions to reputable media platforms such as the Financial Times, the Economist, and Bloomberg. Additionally, I engage in various hobbies such as travelling, watching movies and documentaries, and reading to broaden my knowledge and stay informed about current affairs. As a sports enthusiast, I follow tennis, football, boxing, and Formula One racing. These diverse interests have cultivated qualities such as ambition, intuition, focus, and self-discipline, which drive me to excel in any endeavour. I value the input and opinions of others, making me an effective team player, while also possessing the independence and initiative to work autonomously. I firmly believe that these qualities will contribute to my success as a finance analyst and enable me to excel academically.

Looking toward the future, I aspire to establish a reputable financial consulting firm in my home country, Nigeria. This firm would provide a range of financial services to both companies and public institutions. I recognise that achieving this goal will require years of experience, cultivating the right connections, and personal determination. Pursuing an MSc in Finance from LSE will better equip me to manage corporate, strategic, and financial opportunities, while also providing the opportunity to learn from talented professors and compete with exceptional graduates. I am convinced that this course is a crucial step toward realizing my long-term aspirations.

The increasingly evident impact of financial risk on our world has captivated my interest like never before. The interplay between the financial sector, government, and the general public dominates news stories, emphasizing the significance of understanding the industry. With my passion for finance nurtured from an early age, I have dedicated myself to attaining a comprehensive understanding of both the theoretical and practical aspects of global finance through high-level studies and extensive work experience in diverse industrial and international contexts.

Currently, in my fourth year of a degree in Finance, Risk, and Investment at Caledonian University, I have developed a strong foundation of knowledge in the field. Moreover, I have delved deeper into specific areas

Finance Personal Statement Example

Since my early years, extensive international travel has shaped my perspective on the world, particularly the stark economic contrasts between the ‘Third World’ and the ‘Western World.’ Having the privilege of experiencing different cultures and economies through my parents, who have lived in Africa, Europe, and the USA, I have developed a deep curiosity about the mechanisms that drive global economies. This curiosity has led me to pursue Economics at A Level, as I believe it is at the core of world discussions and can provide a comprehensive understanding of current news articles and their correlation to the subject.

Through my readings, such as Tim Harford’s ‘The Undercover Economist,’ I have come to appreciate the analogy that economics is like engineering, offering insights into how things work and the consequences of changing them. I see economics as an intricate puzzle, requiring economists to integrate economic theories with government policies to solve complex economic problems. Attending conferences at prestigious institutions like the University of Warwick and Oxbridge has broadened my perspective on economics, with theories like Freakonomics intriguing me and sparking a desire to explore the unexpected links between seemingly unrelated phenomena.

My passion for economics is complemented by a strong affinity for mathematics , which has been nurtured since my childhood. From playing mental maths games to tackling complex problem-solving at A Level, I have developed analytical abilities that were put to the test during a taster day at Cass Business School. Through quick thinking and effective teamwork, I excelled in a trading shares simulation, resulting in my group being the most profitable. Furthermore, my participation in a business management enterprise day at the University of the West of England allowed me to showcase my skills, leading to the recognition of the ‘Best Business Idea.’

To gain practical experience in the finance sector, I sought work opportunities that would provide me with invaluable insights. My time at Britannia Building Society exposed me to the inner workings of retail banking, allowing me to shadow the branch manager, work closely with financial planning advisors, and handle transactions at the tills. This experience introduced me to financial assets, including options for investing in bonds, shares, and increasing savings. Additionally, working at Harrison’s Accountancy and Insolvency Agency gave me valuable knowledge about liquidations and insolvencies of businesses, further solidifying my interest in pursuing a career in finance.

Staying updated with current financial affairs is crucial to me, and I regularly read the economy sections of reputable sources such as the BBC website and The Economist. Subscribing to a weekly update from RBS provides me with topical developments in the financial markets. Alongside my commitment to academic and professional pursuits, I have also developed essential skills through my job at O2 Retail. This experience has sharpened my interpersonal skills and honed my ability to negotiate mutually beneficial deals for both customers and the company. As a captain of my football team, I have learned the value of leadership, motivation, and maintaining high team morale, skills that have translated into success in class debates and the trading shares simulation at Cass Business School.

During a recent trip to Switzerland, I had the opportunity to meet with the assistant vice president at Credit Suisse, who shared insights into exchange rate processes within a leading investment bank. These conversations further solidified my understanding of the close relationship between economics and the finance sector.

Through a comprehensive study of Level Economics and practical experiences, I have been able to bridge the gap between theory and real-world situations. Engaging with professionals in the field has deepened my appreciation for the vital connection between economics and finance. I am confident that pursuing a university education will equip me with the necessary knowledge and skills to navigate the dynamic and fast-paced world of financial markets.

My passion for finance and economics was sparked by the Lehman Brothers’ bankruptcy and the subsequent financial crisis when I was 21 years old. The events of that

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Finance personal statements

On this page you'll find a collection of real personal statements written by students applying to study finance courses at university.

These personal statements are written by real students - don't expect them all to be perfect! But by reading through a few of these samples, you'll be able to get some ideas and inspiration for your own personal statement. 

Finance personal statement examples

More help with your personal statement.

You can find personal statement examples for other courses by using this subject list, or by returning to our personal statements by subject page.

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Guide to Better Finance Master’s Personal Statements

Table of Contents

A  Finance master’s personal statement  is an essay crafted by a prospective student applying for a master’s degree. 

The statement’s purpose is to provide insight into the applicant’s personality and how they can contribute to the program. It also demonstrates their experience and expertise in the field. 

Applicants should tailor their personal statements to each specific university and their unique requirements. This will help make it stand out from those of other applicants.

The Importance of a Personal Statement

Personal statements aren’t redundant. While applications and resumes already enumerate an applicant’s qualifications, the main advantage derived from personal statements lies in compelling exposition. 

The exposition of your qualifications matters significantly. It can influence the impression you establish on readers. Moreover, it allows you to highlight specific skills and experiences to paint yourself as a prime candidate.

Personal statements are also a way to demonstrate a genuine dedication to mastering the subject or course . 

The best thing about personal statements is that they are reasonably straightforward despite their value. The following section provides a few tips for crafting effective personal statements.

Tips for Writing a Finance Masters Personal Statement

Highlight Your Finance Accomplishments and Knowledge

Explain how your experience has given you a unique perspective on the subject. Showcase your achievements and competencies, such as internships or volunteer work related to Finance. These will show your passion for the industry and your dedication to learning. 

Reference Research Experience

Referencing any related studies you’ve conducted or written about demonstrates your industry exposure. This will show that you are equipped to succeed in an advanced program and shows your hunger for knowledge. 

Use Concrete Examples

Concrete examples are valuable because they are a reliable basis for your general performance. Include a few to support any skills, characteristics, and values you claim to possess. 

Add an Opportunity Statement

Explain how a Finance Master’s degree can benefit your career, business, or academic life. Show your readers the allure that led you to pursue a Finance Master’s degree in the first place. This is valuable information because it gives admissions board representatives and recruiters a glimpse into your motivations.

Write With Clarity and Structure

To craft a clear, structured statement, you must use active language, well-rounded sentences, appropriate transition words, and utilize common English idioms when applicable. Avoid sounding overly robotic or overusing technical jargon. Let your personality shine through while demonstrating your mastery of the material.

This ensures you deliver a clear message and keeps your reader invested in your personal statement from the first sentence to the last.

If you’re still struggling with writing a  Finance Masters personal statement , don’t fret. Here are a few examples you can gain inspiration from.

Sample Finance Masters Personal Statement

I am an experienced professional with a decade of experience in the financial industry. I have always been passionate about pursuing further education to ensure I stay at the highest level of the market. Last year, I pursued a Masters’s degree in Financial Management (M.Sc.) from an internationally renowned school. 

I wanted to gain a better understanding of this area and expand my knowledge of economics and accounting principles. This will help me develop greater capability in dealing with processes in the ever-changing global environment. 

By taking up this degree, I will also have the opportunity to sharpen my skills through various job roles. I will also gain access to professionals who can provide real-world insight into the area. 

Moreover, My ability to apply within any business setting sets me apart from the rest of the market. I have a strong service orientation and focus on developing innovative solutions. These are qualities that are essential to excel within the management sector. After completing my M.Sc., I would be more than ready to take on future challenges and deliver excellent results.

I come from an international background and have been immersed in investment banking for the past six years. My work experience and Business undergraduate degree create a solid financial knowledge foundation. I want to build upon this foundation, so I seek an MSc in Finance. I recognize the need for more formal training to reach my long-term goals in the finance sector. 

Through my experiences, I believe I understand the challenges faced in working within the global banking system. I have become adept at anticipating and dealing with potential problems as they arise. My current role requires that I be able to analyze different markets and predict outcomes accurately. I feel confident doing this after having undertaken significant research in this area. 

Additionally, I manage portfolios and negotiate deals between clients and other businesses, a task further enhanced by my fluency in English and Spanish. 

I relish the opportunity to further develop my understanding of Finance through a Master’s program. It will allow me to explore new topics like derivatives trading and financial engineering. I also look forward to pushing myself academically and developing professional connections. These networks could be vital when it comes time to pursue my career aspirations. 

This course offers me the chance to gain the skills needed to do precisely that. Pursuing an MSc in Finance is the right decision for me.

I believe my qualifications in Financial Economics and varied work and activity exposure make me an ideal candidate for a Master’s Degree in Finance. During my time at school, I learned the fundamentals of business finance and economics as well. I build on this by reading content from some of the world’s leading financial institutions. 

My success in these areas allowed me to skip a grade, giving me more time to pursue extra-curricular activities. I worked with a small company in India that specializes in financial consulting. This hands-on experience gave me great insight into corporate Finance’s complexities. It also helped me develop good communication skills and sharp problem-solving abilities. 

I am excited to use my knowledge, expertise, and experiences to advance my understanding of the financial industry further. As a student, I will be committed to maximizing my potential by taking advantage of every opportunity the university offers. By working hard and combining real-life examples with classroom learning, I aim to establish myself as an engaged and capable student. Upon graduation, I can become a valuable asset to any financial organization or institution.

Personal statements are vital to Master’s applications and other selective ventures because they express your best qualities . Mastering the art of crafting compelling personal statements will help you go far in your academic and professional experiences. Make sure to apply our tips to maximize your chances of success. Good luck!

Abir Ghenaiet

Abir is a data analyst and researcher. Among her interests are artificial intelligence, machine learning, and natural language processing. As a humanitarian and educator, she actively supports women in tech and promotes diversity.

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• Personal Financial Statement

40+ Personal Financial Statement Templates & Forms

Engineers, doctors , surgeons, architects, marketers etc. are all great and reputable professionals but you will often find some of them drowning in debt or engulfed in other financial problems. This is mainly because their academic discipline has prepared them to perform a certain task impeccably but hasn’t prepared them to effectively manage their finances. If you dream to live your life without facing any financial difficulties then rather wasting your time sitting in the pews of church and day dreaming about financial paradise, you should hustle up start taking some actions. The first and the foremost thing you should do is to educate yourself about the basics of personal finance, so that at least you can calculate your own financial position and can then plan to improve it.

Table of Contents

• 1 Personal Financial Statement Templates
• 2 What Exactly is a Personal Financial Statement?
• 3 Personal Financial Statement Forms
• 4 Uses of a Personal Financial Statement
• 5 Personal Financial Statement Samples
• 6.2 Liabilities
• 7.1 Annual Income and Expenses

When it comes to planning one’s life, most professionals find themselves uneducated about finance in order to make astute financial decisions for their future. This is where finance professionals, who know how the money works, have an unfair advantage. But the subject of money management and personal finance can easily be learnt by anyone.

We don’t mean that you need to become some finance geek in order to make good personal financial decisions, but at least you should know the basics of personal finance in order to avoid falling prey to greedy bankers who use complex terminologies that represents a very simple idea.

Personal Financial Statement Templates

Knowledge of personal finance equips and enables a person to not only face financial difficulties with courage but also solve them prudently. Having a basic knowledge of personal finance will make you feel more confident as you will be the one controlling and in charge of your own finances and not dependent on someone else.

Well, you may be thinking that if the education of personal finance is so important then why it isn’t taught in schools? That’s a great question pal, but unfortunately education planners of our country believe that there are many other important topics that should be taught in schools that’s why education of personal finance is neglected. Thus, whatever a child learns about personal finance and money, he learns from his home, and since most parents themselves are ignorant about the topic of money management and personal finance, this makes their children ignorant about this important subject too. This isn’t some hypothetical situation, it’s the reality of our country.

What Exactly is a Personal Financial Statement?

You may have heard about the term financial statements previously and you may have an idea that it is some sort of statements that lists down random numbers that are said to depict the financial standing of the company. Well, financial statements are not only for the companies, an individual can also have his/her own financial statements that are referred to as ‘Personal Financial Statements’. They are mainly used when a person is planning to apply for a loan .

This document gives a holistic view to the credit officers of a bank or any lending institution about a person’s financial muscle so that the banker can make an informed decision about what should be the credit limit of a particular person. The most common sections in any personal financial statement template include information related to total assets and total liabilities.

Personal Financial Statement Forms

Uses of a Personal Financial Statement

Well, now you know what a personal financial statement is, it’s time to reveal some of its most common uses.

• It is used when applying for a loan
• It is used for effective financial planning
• It is used to determine the amount that you should save

When Applying for a Loan

You’d be fooling yourself if you believe that you will never need a loan. Your credit card in your wallet is a devise through which you will always remain balls deep in debt. Apart from this if you ever plan to attend a college you will need a loan or if you ever decide to start your own small business then you would be required to borrow money in order to guarantee smooth day to day operations of your business . For all this, Mr. Banker will require you to submit your own personal financial statement. After vetting this personal financial statement, the credit officer in a bank or any lending institutions will determine how much credit facility should be extended to your small business.

For Financial Planning

Financial planning is the difference between a penurious and a well off person. If you know nothing about your current financial situation or your net worth then it’s time that you set everything else aside and visit our website and download a personal financial statement’s template through which you can easily calculate your net worth. No need to be terrified, horrified and petrified if you find your net worth is in negative numbers, rather you should start taking steps to reduce your liabilities and increase your income generating assets. But remember, all this will start with correctly filling out a personal financial statement form.

For Saving Purpose

If you are not maintaining and updating your personal financial statement then we would like to inform you that it’s a perfect recipe for a failure because you will likely not be able to save money for the future. A personal financial statement will allow you to pay yourself first i.e. set money aside for your savings before you pay your bills or spend it carelessly. You will be well informed of the expenses and the uncovered liabilities and thus will be in a position to reduce it, so that you can save more. Remember, the money that you save and invest today will compound in the future.

Personal Financial Statement Samples

Elements of a Personal Financial Statement Template

Rather than beginning from scratch for drafting your personal financial statement you can download a personal financial statement template from our website and can then enter all the numbers required after which you will be able to see your net worth at a particular point in time. Before you begin to use a particular template it is important that you know what sections a good personal financial statement template, one that give a true and fair view of a person’s financial standing, should have. Following are the four major sections that you will find in almost all personal financial statement templates.

Liabilities

• Annual Income

Every good personal financial statement will first list down all the assets that an individual possesses. You may be thinking that it’s too obvious, but it’s not. If we ask you what your most valuable asset is, what would you say? Well most household in US believe that their home is their most valuable asset that they have purchased. If that’s your answer too then you have no idea what asset means.

An asset is something that puts money into your pocket periodically and your home, according to this definition is not your asset because your home takes money out of your pocket through bills, taxes, renovation etc.

Items included in the asset column of your personal financial statement include cash that you have in the locker of your house and your bank balance. Also, the cash value of your investments in stocks, bonds or any other investment vehicle will also be recorded in the asset column of your personal financial statement.

If you own a property for investment purposes like for renting it out then you can also record the cash flow generated from such investments in the asset column of your personal financial statement. Also, other assets that are liquid and can be converted to cash readily can also be listed in the asset column of your asset.

In some personal financial statement templates you will see that there is a distinction between current and non-current assets. This distinction is not very important for you as a person. However, for the sake of your information, current assets are those that are liquid and can be converted to cash in a short period of time, while non-current assets are illiquid assets that do not have a vibrant and robust secondary market and therefore needs a large amount of time (weeks or sometimes even months) to be sold. A real estate is a perfect example of non-current asset. Now let’s move on to discuss the next section of a good personal financial statement template.

A liability is the amount of money that you have to pay i.e. the money that you owe . In this section you will list down all the sources to whom you owe money and also the amount that you owe. Loan taken out from a bank, taxes due, mortgage payments due and any other debts will be listed in the liability column of your personal financial statement. If you can’t remember your creditors then it’s better to use a personal financial statement template that already has some basic and obvious creditors listed in the template.

If you are living in a rented house then the monthly rent payments that you make is your liability that you have to pay, come what may. If you do not honor/settle your liabilities on time then it will adversely affect your credit rating. Nobody wants that.

Just as in the case of assets, liabilities too are divided into current and non-current liabilities. A current liability is the one that you have to settle within the time period of one year (short term) while non-current liabilities are ones that are due after one year (long term).

These numbers listed in your personal financial statement are used to calculate your net worth. It is done by first calculating your total assets and total liabilities and then subtracting your liabilities from your assets, in other words, you have to subtract the amount that you owe from the amount that you own. The figure calculated by this formula will give you your net worth. If it’s positive, congratulations on your good financial standing, however, if it’s negative then you got lot to look forward to.

Items present in the liability column of your personal financial statement are your insurance premiums, credit card bills, federal taxes, your upcoming mortgage payments , and/or any loan extended to you by the bank.

Personal Financial Statement Examples

Annual Income and Expenses

Apart from the assets that you own and the liability that you have to pay, a good personal financial statement will also factor in the annual income that you generate. Under this section, your take home salary, dividend income, rental income or any income generated from other sources will be mentioned.

Also the expenses that suck your income will be mentioned. These expenses will include the money that you spend on the purchase of household items. Also, you will find a section of contingent liabilities in a good personal financial statement template. Under this section you will mention the amount of money that you believe will be required to pay in case any unforeseen event happens. Examples include a surprise audit by IRS, a penalty awarded by the court in a law suit, damage to your property due to bad weather etc.

As evident from the above article that an education of personal finance is imperative especially in today’s era of high uncertainty in order to equip individuals to take control of their own finances. Personal financial statement template is a basic tool that will allow any individual to visualize his financial standing so that he can effectively plan for the future and his/her financial goals.

If you too believe that having a personal financial statement is essential then wait no more and click here to visit our website. On our website you will find dozens of personal financial statements template that you can download for free and chose the one that you are comfortable working with. We have a template of personal financial statements in excel as well as PDF format.

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Your chance of acceptance, your chancing factors, extracurriculars, personal statement for financial aid: what are some good examples.

Hey everyone, I'm currently working on my financial aid application and I'm stuck at writing a personal statement. Can anyone share some examples of personal statements that have worked for them? I could really use some guidance. Thanks!

Hi! Writing a personal statement for a financial aid application can be challenging, but it's a great opportunity to share your story and explain your financial circumstances. Here are some general tips and examples to help you get started:

1. Start by providing an introduction that outlines your personal background and family situation. You can mention any specific hardships your family has faced, such as job loss, medical expenses, or other challenges that have impacted your ability to afford college.

Example: "I come from a hardworking family of five. My parents have always done their best to provide for us, but over the years, financial hardships have made it difficult to meet all our needs. Two years ago, my father lost his job, which forced my mother to work longer hours at her minimum-wage job."

2. Describe your educational journey and how a lack of financial resources has affected it. This is your opportunity to show your commitment to education and explain how financial aid will be instrumental in helping you achieve your goals.

Example: "Despite the financial challenges my family has faced, I have remained dedicated to my education. I am a first-generation college student and have worked hard throughout high school, maintaining a 3.8 GPA and participating in extracurricular activities. However, I've often had to sacrifice important opportunities, such as attending college prep programs or participating in school trips, due to financial constraints. Receiving financial aid will allow me to fully commit to my college education without these limitations."

3. Emphasize your achievements and the obstacles you've overcome. This can include academic achievements, extracurricular involvement, or any personal triumphs that demonstrate your determination and resilience.

Example: "To help support my family, I've taken on a part-time job while maintaining my academic and extracurricular commitments. I have also volunteered at a local food bank and found new ways to give back to my community despite limited resources. These experiences have taught me the true value of perseverance and hard work."

4. Conclude by expressing your gratitude for the opportunity to apply for financial aid and reiterate how it will impact your future. Explain how receiving financial assistance will not only benefit you but also contribute to your long-term goals and aspirations.

Example: "Receiving financial aid will not only allow me to attend college but will also lessen the burden on my family and provide me the chance to focus on my studies and future career. My goal is to major in computer science and use my education to create innovative solutions that address pressing issues in my community and the wider world. I am grateful for any support that will help me achieve this dream."

Remember to make your personal statement unique to your story and circumstances. Use your own voice, stay authentic, and don't be afraid to showcase your accomplishments and challenges. Best of luck with your financial aid application!

About CollegeVine’s Expert FAQ

CollegeVine’s Q&A seeks to offer informed perspectives on commonly asked admissions questions. Every answer is refined and validated by our team of admissions experts to ensure it resonates with trusted knowledge in the field.

Resume personal statements: How to write one

A well-written personal statement can help your resume stand out from the crowd and capture a recruiter's attention. We'll show you how to write a solid personal statement that highlights your unique skills, experiences, and professional goals. Whatever career stage you're in, we've got you covered. Read on to find information on the topic, resume personal statement examples, and helpful tips to help you stand out in the job market.

• What is a personal statement?
• Key elements to include in a good personal statement
• Personal statement examples
• Tips on writing a personal statement for your resume
• Formatting and structuring your personal statement
• Common mistakes when writing a personal statement

What is a personal statement?  

A personal statement is essentially a resume summary. It is a short section on your resume that tells the employer who you are as a worker. You may also see it called resume objectives or CV personal statement.

The personal statement shows your goals and what makes you unique. It can be used to show how your skills, experiences, and job goals make you stand out from other applicants. This can significantly affect how the employer sees you as a potential employee. It's your chance to add personality, passion, and purpose to your resume. You can make an impression that will make you shine during your job search.

Key elements to include in a good personal statement  

To write an excellent resume summary, here are some important details that will help a hiring manager understand your professional identity.

• Who you are:  Start by briefly describing yourself. Give a short but informative summary of your professional background.
• Summary of your experiences:  Give a brief outline of your career. Focus on crucial turning points, accomplishments, and related experiences. This part gives an overview of your career path and shows how broad or deep your knowledge is.
• Your value as an employee:  Define your unique value Emphasize the skills, qualities, and experiences that make you stand out from other applicants. Talk about how your relevant experience fits the needs of the role and how you can help the company succeed.
• Your career objectives:  At the end of your resume objective statement, list your career goals and ambitions. Make your short and long-term career goals clear. This shows that you're committed to professional growth and development.

Personal statement examples  

A good personal statement can be an important part of shaping your career, whether you’re a recent graduate or an experienced professional. Here are some personal statement examples for different career stages. They show off relevant skills, experiences, and goals of job seekers.

Personal statement examples for students looking for internships

"I am a driven undergraduate student majoring in marketing, seeking internship opportunities to apply classroom knowledge in real-world settings. I have a proven ability to develop client relationships and execute marketing strategies. I am ready to share new thoughts and learn from people with more experience."

"Dedicated undergraduate student studying mechanical engineering, looking for an internship opportunity to apply theoretical knowledge to practical projects. Skilled with CAD tools and has experience making prototypes. Possesses strong critical thinking skills and takes the necessary steps to solve problems. Excellent collaborator who is always looking to learn and improve."

Personal statement example for fresh graduates

"I am a recent finance bachelor's degree holder with a solid grasp of financial principles and robust analytic abilities. I have operated effectively in dynamic settings and provided precise financial analysis. I am seeking an entry-level role in financial analysis to utilize my academic knowledge and contribute to organizational success."

"Highly motivated human resource management graduate who is deeply committed to cultivating positive work environments. Proficient in employee relations, performance management, and recruitment. Seeking an HR position to implement academic knowledge and acquire practical experience."

Personal statement examples for working professionals

"I am an experienced sales manager with more than five years of experience in B2B sales. I am currently looking to resume my professional career. I have a proven history of exceeding sales goals, building strong relationships with clients, and establishing vital client leads. I am looking for a challenging sales manager position where I can use my leadership skills to coach a team of top performers and make the company more profitable."

"I am an accomplished project manager with a background in information technology. I am skilled at coordinating the efforts of diverse teams to complete challenging assignments on schedule and within budget. I have consistently reduced risk and guaranteed project success. I am seeking new opportunities to apply my project management expertise in a dynamic environment."

Personal statement example for workers making mid-career transitions

"Experienced marketer ready to move into digital advertising. Skilled in both digital and conventional marketing tactics, with a particular focus on expanding brands' reach and interaction via online media. Seeks a position to use marketing talents to create modern digital advertising strategies."

"I am a project manager with extensive experience, with a career goal to work in sustainable development. I am passionate about positively affecting society and comfortable in a fast-paced environment. I have expertise at working with stakeholders and planning strategically."

Tips on writing a personal statement for your resume  

Before you start writing your own personal statement, think about the following tips.

Selecting the most impactful experiences to share

Carefully choose which experiences to highlight in your CV personal statement. Consider the following aspects to guarantee that you demonstrate the most effective ones:

• Relevance to job scope:  Select experiences and relevant qualifications that directly relate to the needs of your desired role.
• Significance of results:  Highlight experiences in which you achieved substantial results. Focus on your efforts and accomplishments.
• Business impact:  Show how your work has increased the company's profits. Give numbers to support your results, and explain how your work has helped the group succeed or grow.

Demonstrating problem-solving and leadership through past scenarios

In your resume personal statement, use examples from your past to show how you've solved problems and led others. Try to give an example of a problem you had and how you solved it. Highlight situations when you were proactive, made tough choices , and helped others succeed. By demonstrating that you can deal with problems and lead with confidence, you can show you're ready for new tasks in your next job.

Keeping your personal statement concise

Write a short, clear, objective statement to help you hold the reader's attention. Here are some suggestions to help you keep your resume personal statement short:

• Editing:  Carefully read over your resume and personal statement. Remove unnecessary details or repeated information, and ensure you only include the most useful and important facts.
• Clarity:  Write clearly to make sure your message is easy to understand. Avoid using jargon or academic terms that the reader might not know.
• Length:  Personal statements should be short but full of useful information. There is no rigid word limit, but keep your statement to a few brief lines that get to the point of who you are as a professional and what you want to achieve.

Formatting and structuring your personal statement  

Here are some guidelines for making your objective statement easier to read and more organized.

Formatting tips for maximum readability

The layout of your resume personal statement affects how hiring managers read and interact with your content. To make sure your writing is easy to comprehend, consider the following:

• For a professional appearance, pick a classy font that's simple to read, such as Times New Roman, Arial, or Calibri.
• Keep the font size the same throughout the document. The best range is between 10pt and 12pt.
• When choosing the point of view, think about the tone and setting of your resume personal statement.
• First-person POV allows you to connect with the reader more directly, and third-person POV can present an air of professionalism and objectivity.

Pros and cons of each POV style

Both first-person and third-person POVs have pros and cons. First-person makes it feel like the text is directed at the reader, but it can sometimes come off as too casual. Third-person POV, on the other hand, seems objective and professional. This is common in formal settings but can feel impersonal or distant.

The POV you choose affects the way your personal statement reads. First-person POV creates a more personal and conversational tone. The third-person perspective conveys a feeling of formality and objectivity, setting a tone appropriate for formal papers.

Alignment with your overall resume style

Pick a POV for your personal statement that complements the general tone and style of your resume. The document should flow from one section to the next. To make a good impression on recruiters, change the POV to fit the role, the company culture, and the business. If you’re applying for a creative role, you can make your resume stand out by matching the creative writing style of your prospective employer.

Resume personal statement in first-person POV

“With a strong background in content marketing, I excel in writing, editing, content planning, and SEO. In my previous roles, I was committed to ensuring my team met deadlines and KPIs. I'm eager to leverage my skills and enthusiasm as Content Manager for the Philippine Creative Ad Agency.”

Resume personal statement in third-person POV

“Has a strong background in content marketing. Excels in writing, editing, content planning, and SEO. In previous roles, demonstrated a commitment to ensuring the team met deadlines and KPIs. Eager to leverage skills and enthusiasm as Content Manager for the Philippine Creative Ad Agency.”

Common mistakes when writing a personal statement  

Avoid common clichés and overused phrases.

Don't include phrases such as "hardworking," "team player," and "results-oriented." They don't say much about you and won't help you stand out from other applicants.

What to leave out of your personal statements

Remove any old or useless information that doesn't fit with your story or add value to your application. For example, if your achievements ase a high school student aren’t relevant to your application, don’t include them. Read the job description carefully before adding any information.

Bad personal statement examples

"Motivated individual seeking challenging opportunities to utilize analytical skills and grow within a dynamic organization."

"Passionate team player with excellent communication skills and a strong work ethic."

"Detail-oriented professional with a proven track record of success in various roles."

These examples are too short and vague. They don’t say anything about you as a person or employee. Make sure your personal statements showcase your unique traits and career path. Show the positive impact you had in your previous roles, and highlight what benefit your prospective employer can get by hiring you.

Conclusion  

Personal statements can make or break a job application. Using the ideas, examples, and advice in this guide, you can write an interesting statement that not only interests hiring managers but also connects with them on a deeper level. Remember that your personal statement is more than just a summary of your work history. It's your chance to show potential employers what you can do and how passionate you are about the job.

• What should I write in my personal statement for a resume? Your personal statement should give a brief overview of your professional qualities. Include the skills, experiences, and work goals that are relevant to the role you're applying for.
• Can you provide personal statement examples for a job application? Yes! Here's an example: "As an experienced marketing professional with an enthusiasm for new ideas, I am delighted to use my digital marketing abilities to expand and engage your vibrant team at XYZ Company. I am devoted to delivering measurable results and helping your organization succeed with my experience in creating effective campaigns and analytics."
• How long should a personal statement be on a resume? A few sentences should be enough for a short but powerful statement. They should focus on the most relevant information that fits the job description.
• What are some dos and don'ts for writing a resume personal statement? Dos: Personalize your statement for the position and company. Highlight your job-related abilities, experiences, and accomplishments. Don'ts: Avoid using clichés or generic phrases. Don't make it too long.
• How can I make my personal statement stand out to employers? Make your personal statements special to each role you apply for. Think about your personal profile and the job description. Highlight your unique skills, accomplishments, and goals that match the needs of the role. This will help you connect strongly with managers.
• Are there any online tools to help me craft a personal statement? Yes, tools like Perfect Essay Writer, Paper Help, and BBQ Papers can help you improve and modify your personal statements by giving you language tips and reading-level feedback.

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Today’s average refinance rates

Refinance rate news, refinance rate forecast for 2024, what does it mean to refinance, how to find the best refinance rates, reasons you might refinance your home, more homeowners are refinancing this year. today’s refi rates on june 27, 2024.

Applications for refinances are 26% higher than they were this time last year, despite elevated mortgage rates.

Katherine Watt

Katherine Watt is a CNET Money writer focusing on mortgages, home equity and banking. She previously wrote about personal finance for NextAdvisor. Based in New York, Katherine graduated summa cum laude from Colgate University with a bachelor's degree in English literature.

Laura Michelle Davis

Laura is a professional nitpicker and good-humored troubleshooter with over 10 years of experience in print and digital publishing. Before becoming an editor with CNET, she worked as an English teacher, Spanish medical interpreter, copy editor and proofreader. She is a fearless but flexible defender of both grammar and weightlifting, and firmly believes that technology should serve the people. Her first computer was a Macintosh Plus.

CNET staff -- not advertisers, partners or business interests -- determine how we review the products and services we cover. If you buy through our links, we may get paid.

• 30-year fixed-rate 7.00% (+0.04)
• 15-year fixed-rate 6.46% (+0.09)
• 30-year fixed-rate jumbo 7.07% (+0.05)
• 5/1 ARM 6.35% (-0.01)
• 10-year fixed-rate 6.51% (+0.27)
• 30-year fixed-rate refinance 7.02% (+0.06)
• 15-year fixed-rate refinance 6.50% (+0.07)
• 10-year fixed refinance 6.53% (+0.29)

Today's rates

Lower mortgage rates make buying a home more affordable. Experts recommend shopping around with different mortgage lenders to find the best deal. Enter your information below to get a custom quote from one of CNET’s partner lenders.

About these rates: Like CNET, Bankrate is owned by Red Ventures. This tool features partner rates from lenders that you can use when comparing multiple mortgage rates.

When mortgage rates hit historic lows during the pandemic, there was a refinancing boom, as homeowners were able to nab lower interest rates. But with current average mortgage rates around 7%, getting a new home loan isn’t as financially viable.

Early in the year, hopes were high for a summer rate cut from the Fed. But over the past few months, inflation has remained high and the labor market strong, making it clear to investors that the Fed will take longer than expected to lower rates .

Higher mortgage rates make refinancing less attractive to homeowners, making them more likely to hold onto their existing mortgages.

“The odds are good that rates will end 2024 lower than they are now,” said Keith Gumbinger , vice president of mortgage site, HSH.com. But predicting exactly where mortgage rates will end up is difficult because it hinges on economic data we don’t yet have.

If inflation continues to improve and the Fed is able to cut rates, mortgage refinance rates could end the year between 6% and 6.5%.

But data showing higher inflation could cause investors to reconsider the likelihood of Fed rate cuts and send mortgage rates higher, according to Orphe Divounguy , senior economist at Zillow Home Loans.

If you’re considering a refinance , remember that you can’t time the economy: Interest rates fluctuate on an hourly, daily and weekly basis, and are influenced by an array of factors. Your best move is to keep an eye on day-to-day rate changes and have a game plan on how to capitalize on a big enough percentage drop, said Matt Graham of Mortgage News Daily.

When you refinance your mortgage, you take out another home loan that pays off your initial mortgage. With a traditional refinance, your new home loan will have a different term and/or interest rate. With a cash-out refinance, you’ll tap into your equity with a new loan that’s bigger than your existing mortgage balance, allowing you to pocket the difference in cash.

Refinancing can be a great financial move if you score a low rate or can pay off your home loan in less time, but consider whether it’s the right choice for you. Reducing your interest rate by 1% or more is an incentive to refinance, allowing you to cut your monthly payment significantly.

The rates advertised online often require specific conditions for eligibility. Your personal interest rate will be influenced by market conditions as well as your specific credit history, financial profile and application. Having a high credit score, a low credit utilization ratio and a history of consistent and on-time payments will generally help you get the best interest rates.

30-year fixed-rate refinance

The current average interest rate for a 30-year refinance is 7.02%, an increase of 6 basis points over this time last week. (A basis point is equivalent to 0.01%.) A 30-year fixed refinance will typically have lower monthly payments than a 15-year or 10-year refinance, but it will take you longer to pay off and typically cost you more in interest over the long term.

15-year fixed-rate refinance

The average 15-year fixed refinance rate right now is 6.50%, an increase of 7 basis points from what we saw the previous week. Though a 15-year fixed refinance will most likely raise your monthly payment compared to a 30-year loan, you’ll save more money over time because you’re paying off your loan quicker. Also, 15-year refinance rates are typically lower than 30-year refinance rates, which will help you save more in the long run.

10-year fixed-rate refinance

The current average interest rate for a 10-year refinance is 6.53%, an increase of 29 basis points from what we saw the previous week. A 10-year refinance typically has the lowest interest rate but the highest monthly payment of all refinance terms. A 10-year refinance can help you pay off your house much quicker and save on interest, but make sure you can afford the steeper monthly payment.

To get the best refinance rates, make your application as strong as possible by getting your finances in order, using credit responsibly and monitoring your credit regularly. And don’t forget to speak with multiple lenders and shop around.

Homeowners usually refinance to save money, but there are other reasons to do so. Here are the most common reasons homeowners refinance:

• To get a lower interest rate: If you can secure a rate that’s at least 1% lower than the one on your current mortgage, it could make sense to refinance.
• To switch the type of mortgage: If you have an adjustable-rate mortgage and want greater security, you could refinance to a fixed-rate mortgage.
• To eliminate mortgage insurance: If you have an FHA loan that requires mortgage insurance, you can refinance to a conventional loan once you have 20% equity.
• To change the length of a loan term: Refinancing to a longer loan term could lower your monthly payment. Refinancing to a shorter term will save you interest in the long run.
• To tap into your equity through a cash-out refinance: If you replace your mortgage with a larger loan, you can receive the difference in cash to cover a large expense.
• To take someone off the mortgage: In case of divorce, you can apply for a new home loan in just your name and use the funds to pay off your existing mortgage.

Recommended Articles

Compare current refinance rates in june 2024, refinancing a mortgage: how it works, 30-year refinance rates for june 2024, 15-year mortgage refinance rates for june 2024, how to refinance your home, how does a cash-out refinance work, va refinance rates for june 2024.

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Private student loan interest rates spike for 5- and 10-year loans

The latest private student loan interest rates from the Credible marketplace, updated weekly. ( iStock )

During the week of June 17, 2024, average private student loan rates increased for borrowers with credit scores of 720 or higher who used the Credible marketplace to take out 10-year fixed-rate loans and 5-year variable-rate loans.

• 10-year fixed rate: 7.97%, up from 7.76% the week before, +0.21
• 5-year variable rate: 11.14%, up from 10.85% the week before, +0.29

Through Credible, you can compare private student loan rates from multiple lenders.

For 10-year fixed private student loans, interest rates rose by nearly a quarter of a percentage point, while 5-year variable student loan interest rose by just over a quarter of a percentage point.

Borrowers with good credit may find a lower rate with a private student loan than with some federal loans. For the 2023-24 academic school year, federal student loan rates will range from 5.50% to 8.05%. Private student loan rates for borrowers with good to excellent credit can be lower right now.

Because federal loans come with certain benefits, like access to income-driven repayment plans, you should always exhaust federal student loan options first before turning to private student loans to cover any funding gaps. Private lenders such as banks, credit unions, and online lenders provide private student loans. You can use private loans to pay for education costs and living expenses, which might not be covered by your federal education loans. 

Interest rates and terms on private student loans can vary depending on your financial situation, credit history, and the lender you choose.

Take a look at Credible partner lenders’ rates for borrowers who used the Credible marketplace to select a lender during the week of June 17:

Private student loan rates (graduate and undergraduate)

Who sets federal and private interest rates?

Congress sets federal student loan interest rates each year. These fixed interest rates depend on the type of federal loan you take out, your dependency status and your year in school.

Private student loan interest rates can be fixed or variable and depend on your credit, repayment term and other factors. As a general rule, the better your credit score, the lower your interest rate is likely to be.  

You can compare rates from multiple student loan lenders using Credible.

How does student loan interest work?

An interest rate is a percentage of the loan periodically tacked onto your balance — essentially the cost of borrowing money. Interest is one way lenders can make money from loans. Your monthly payment often pays interest first, with the rest going to the amount you initially borrowed (the principal). 

Getting a low interest rate could help you save money over the life of the loan and pay off your debt faster.

What is a fixed- vs. variable-rate loan?

Here’s the difference between a fixed and variable rate:

• With a fixed rate, your monthly payment amount will stay the same over the course of your loan term.
• With a variable rate, your payments might rise or fall based on changing interest rates.

Comparison shopping for private student loan rates is easy when you use Credible.

Calculate your savings

Using a student loan interest calculator will help you estimate your monthly payments and the total amount you’ll owe over the life of your federal or private student loans.

Once you enter your information, you’ll be able to see what your estimated monthly payment will be, the total you’ll pay in interest over the life of the loan and the total amount you’ll pay back. 

About Credible

Credible is a multi-lender marketplace that empowers consumers to discover financial products that are the best fit for their unique circumstances. Credible’s integrations with leading lenders and credit bureaus allow consumers to quickly compare accurate, personalized loan options – without putting their personal information at risk or affecting their credit score. The Credible marketplace provides an unrivaled customer experience, as reflected by over 4,300 positive Trustpilot reviews and a TrustScore of 4.7/5.

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• Personal Finance

The 5 Best Gift Card Deals at Costco Right Now

Published on June 26, 2024

By: Steven Porrello

• The best gift cards at Costco include popular delivery services like Uber and Instacart.
• Costco can also furnish Peet's coffee lovers and Subway sandwich eaters with significant savings.
• Costco's gift cards can save you the most money when you have a plan for how you want to use them.

Check out our pick for the best cash back credit card of 2024

Costco members can save money by buying gift cards to their favorite retail stores and restaurants through Costco. It's one of the easiest ways to make your $60 Costco membership pay for itself.

Although there are some limitations on how many gift cards you can buy for certain brands (more on that below), this Costco hack could help you save on things you're already buying, like groceries, airfare, and coffee.

With that in mind, here are the seven best gift card deals at Costco right now.

1. Peet's Coffee

Price: $79.99

Total value: $100

Fans of Peet's Coffee can save $20 at Peet's when they buy $100 worth of gift cards at Costco for about $80. The gift cards come five to a pack and are delivered electronically to your email. While you can upload gift cards to your Peet's account, you can't have more than $200 in value on your account at one time.

Here's an exciting new addition to the gift card offerings. Costco is now selling two $50 Uber gift cards for about $80. These cards can be used for Uber rides and Uber Eats orders. Since Uber and Costco are now partners, this gift card bundle could save you $20 on your next Costco order through Uber.

But note the limitations. Members can purchase two units ($200 of value), but are limited to one transaction . In other words, you can't buy one gift card today and another tomorrow in separate transactions. If you want the full $200 value, you have to buy them both in one transaction. Otherwise, this opportunity is no longer available.

Two $50 e-gift cards to Topgolf are yours for $79.99. The cards can be used at any U.S. Topgolf locations and toward most Topgolf purchases, excluding payments for parties, events, or Platinum memberships. Gift cards don't expire, and Costco members can purchase five units per membership with no transaction limitations.

4. Instacart

Value: $100

If Instacart is your grocery delivery app, you're in luck: Costco members can buy a $100 Instacart gift card at $79.99 apiece. That's $20 of Instacart savings just by buying your gift card through Costco. You can buy a maximum of two units, and unlike the Uber gift cards, you don't have to buy them both at once.

There is, however, one condition that's worth noting: "The value of your card may only be credited to one account and will be fully redeemed upon use ." That last part is important. If your Instacart order isn't above the value of your gift card (say, $100), there's a chance the full amount won't be applied. To avoid potentially losing money, save this gift card for when you have an Instacart order above $100.

Subway eaters can buy $75 worth of sandwiches, chips, and chocolate chip cookies for about $60 when they purchase Subway gift cards at Costco. Gift cards come as a bundle of five e-gift cards worth $15 apiece. Although the gift cards are virtual, you can upload them to your Subway mobile app, or scan the QR code at checkout.

All in all, buying gift cards at Costco could save you money instantly. But that's only if you have a plan to use the gift card. Otherwise, you're trading something that can be used universally -- cash! -- for something that has limited uses. It might be best to keep a running list of gift cards that Costco sells, then when the time is right, buy your gift card at Costco to take advantage of the savings.

Alert: our top-rated cash back card now has 0% intro APR until 2025

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a lengthy 0% intro APR period, a cash back rate of up to 5%, and all somehow for no annual fee! Click here to read our full review for free and apply in just 2 minutes.

Our Research Expert

Steven Porrello writes about personal finances topics ranging from credit card offers to Costco deals to choosing the best places to park your cash.

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