Why Documenting Your Net Worth Matters (and a Free Download to Help You Do It)
- Tiffany Coyne
- Oct 1
- 2 min read
LifeTracker® is designed to help you manage essential information — accounts, policies, passwords, and more — but there’s another piece of the puzzle that’s just as important: your net worth.
I’m offering you my Personal Financial Statement template as a free download so you can get started today.
What Is a Personal Financial Statement?
A Personal Financial Statement is a clear snapshot of your financial position in one place. It lists what you own (your assets) and what you owe (your liabilities), giving you a current, accurate picture of your net worth.
Think of it as the “big picture” summary of your money, debts, and assets — easy to update, easy to share if needed, and invaluable both for you now and for your trusted contact in the future.
Why Your Net Worth Matters Today
Awareness is powerful — and where you place your focus is where you’ll see progress. Tracking your net worth helps you pay closer attention to your financial health and gives you the clarity to move forward with confidence. A Personal Financial Statement allows you to:
See the whole picture. Step back from scattered accounts and view your finances in one clear snapshot.
Measure growth. Watch your progress as debts decrease and savings or investments increase.
Plan wisely. Make informed, confident decisions about spending, saving, or investing.
Why It Matters for the Future
When it comes time to settle an estate, your executor will not only need to know which accounts exist but also what they’re worth. A PFS provides that snapshot.
Even though your executor will ultimately update the numbers to reflect the current reality, having a PFS already in place makes their job far easier. It gives them a foundation to work from — along with the history of how your finances were structured — which can be extremely helpful in navigating the process with accuracy.
How to Use This Free Template
The free PFS template is a simple spreadsheet that automatically calculates values for you. It includes two tabs: one designed for an individual and one for partners. The partners’ version categorically separates and calculates each person’s individual net worth, while also showing the combined total.
Once you’ve created your PFS using the template, it’s easy to maintain:
Add any new accounts as they come along.
Delete closed accounts as they drop off.
Update the numbers as often as you’d like — quarterly, yearly, or whenever you make a big change.
It’s simple, straightforward, and will save you (and your loved ones) endless hours of stress later.
Your Free Download
Pair it with your LifeTracker® workbook, and you’ll have what you need to keep your information organized and your financial position focused — for yourself today, and for those you love in the future.
