A personal balance sheet lists all your current assets (items of value that increases wealth), as well as your liabilities (bills and expenses that take money out of your pocket). Assets subtracted from your liabilities equals your net worth. Your net worth can be either positive or negative. A personal balance sheet can be done for free using templates that can be found online.
Locate and download free balance sheet templates online. For example, the Microsoft Office website offers a free balance sheet templates that can be downloaded. Even if the balance sheet is created for businesses you can customise the balance sheet for personal assets and liabilities.
Open the word-processing or spreadsheet program for which the template was downloaded. For example, Microsoft's balance sheet templates are compatible with Excel 2007 or above. Depending on the template you may be able to open the balance sheet using multiple software applications.
Open the balance sheet and erase the sample data and replace it with your personal information. Balance sheets contain a list of assets and liabilities. Add your current assets (cash on hand, property, stocks, and other investments) to the portion of the balance sheet marked "Assets." List any liabilities (loans, expenses) on the portion of the template marked "Liabilities." Date your balance sheet to note trends over time.
You can also rent an accounting book from your local library and model the structure of the balance sheet with your personal expenses using a word-processing program like Microsoft Word.