A balance sheet is a financial statement that takes a point-in-time picture of the company’s financial state by listing all assets owned, and all liabilities owed. The other important financial statement is an income statement.
Similarly, a personal balance sheet is an applicable financial statement used to calculate an individual’s net worth.
A personal balance sheet is a tool that helps you track your spending. It is a great way to understand where your money goes and how you can save more.