A personal balance sheet shows your assets and liabilities at a specific point in time. A cash-flow statement shows money coming in and going out over a period. They answer different questions and should be recorded separately.
Prepare a basic balance sheet
- Cash and deposits: Use the account balances on the date you choose.
- Investments and benefits: Record the value shown on your statement, with the statement date and any relevant volatility.
- Other assets: Use a cautious estimated value and identify assets that cannot be sold immediately.
- Liabilities: Use the latest balance from each lender, including card balances and any installments still due.
Subtract total liabilities from total assets to calculate net worth. Record the source of each figure so you can use the same method at your next review.
Separate your balance sheet from income and expenses
A balance sheet does not show whether your income covers your expenses. Track income, expenses, debt payments and savings separately each month. The Bank of Thailand recommends assessing your financial position, setting goals, making a plan and reviewing it regularly.
Protect your personal information
Keep original documents in a secure place. Redact account numbers and identifying information before sharing documents, and do not publish a complete personal financial statement in a public space.
Sources: Bank of Thailand: Financial planning · Bank of Thailand: Preparing a budget