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Your bank personal financial statement is an official document that gives you a clear picture of the money you spend, and what you generate as revenue for your bank account. It helps you keep track on your expenditures and thus keeps you from spending more than you intended to in the first place.
The bank personal financial statement helps you to plan for both your expenditures and income. You can use it to plan for your budget. You should note that there are two types of personal financial statements, the cash flow statement and the balance sheet.
The personal cash flow statement documents your cash outflow and inflow over a certain period of time to show you what your exact net cash flow is over a given period of time. Cash flows involve four main sources. These are salaries, capital gains (obtained after selling financial securities like bonds and stock), dividends (which are obtained from the various investments), and interest from savings accounts mainly.
The balance sheet shows you how much you are worth at a specific point in time. It is an account of your net worth, liabilities, and assets.
In short, the bank personal financial statement is a method you can use to increase your net worth.
Understanding Your Bank Personal Financial Statement
