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Personal Financial Planning, Fourth Edition by Wai Mun Fong, Benedict Koh

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2. Personal Financial Statements

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Introduction

It is important for you to keep abreast of your financial situation at all times. You need to know whether you are financially sound and whether you are spending within your means. This chapter introduces some basic financial planning tools that will help you monitor your financial situation and progress.

Ascertaining your current financial resources is an important first step in the personal financial planning process. A simple way of doing this is to develop your personal financial statements, which are the balance sheet, income and expenditure statement and cash budget. Your personal balance sheet ...

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