How to Create a Personal Financial Report
A personal financial report can be created with a spreadsheet, an office document, a pre-made form from an office supply store or a pen and paper. The personal financial report doesn't have to be complicated; as long as you can see where your money is going. Here are some tips to help you create a personal financial report.
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Instructions
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Choose the type of financial report that is easiest for you to maintain monthly. Most people have Microsoft Works or Microsoft Office and will have access to a financial report form. Office supply stores also carry pre-formed financial reports and monthly ledgers. If creating a personal financial report to obtain financing, the bank or financial institution will have their own forms for you.
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Gather together all your monthly bills and separate them into categories. Make separate categories for housing costs, utility costs, medical costs, education costs, job related expenses and automobile expenses. Make a separate category for miscellaneous expenses including charity and dining out.
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Enter all your monthly expenses on the personal financial report whether they are tax deductible or not. A personal financial report helps you understand your expenses and helps you meet financial goals.
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Include those payments you might make on an annual or semi-annual basis, such as insurance. Simply divide the annual payment into 12 equal installments and enter it on your expense report.
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Add together all sources of income, whether pay stubs from work, pensions, retirement income, rentals, child support, interest, or dividends. If you receive an annual payout, simply divide the payout by 12 to determine what the income is monthly.
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Enter your total income for the month in the appropriate space on the financial report; enter the net amount from any paycheck, after taxes have been taken out (your take home pay).
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Place your expenses in the named categories; there is room to add more at the bottom of the report. If you are creating your own financial report by hand, enter the name of each bill according to category. For example, the heading of utilities would include electric, garbage, sewer, water and phone.
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Add together the total amount of your monthly expenses. Enter the total expense amount in the appropriate space on the financial report.
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Subtract your total monthly expenses from your total monthly income on the personal financial report. The amount left over is your monthly cash flow; money that can be saved or used for extras
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Tips & Warnings
Keep your financial report up to date every month.
Choose one day a month for updating, when it's quiet enough to work uninterrupted.
