Creating a Financial Inventory Worksheet (With Examples)

Do you know how much you are worth? Do you have a clear picture of your financial situation? Do you have all of your important financial documents and information organized and accessible?

If you answered no to any of these questions, you might benefit from creating a financial inventory worksheet.

A financial inventory worksheet is a process or document that helps you collect and organize all of your financial information in one place. It is often used by financial planners, usually at the beginning of a relationship, to understand the full picture of your financial situation and get up to speed on all of your accounts, assets, liabilities, and more.

A financial inventory worksheet can also help you with your own financial planning and decision making. It can help you track and manage your net worth, cash flow, income and expenses, assets and liabilities, and more. It can also facilitate effective estate planning by ensuring that you have all of your important documents and information ready and available for your heirs or beneficiaries.

In this article, we will explain the essence of a financial inventory worksheet, why it is necessary for financial planning, and how you can create one using different tools and templates. We will also show you how Kubera can help you simplify and optimize your financial inventory management.

The Essence of a Financial Inventory Worksheet

A financial inventory worksheet is a complete collection of all of your financial information, including accounts, values, documents, and more. It typically consists of two main parts: an asset inventory and a debt inventory.

Asset Inventory

An asset inventory is a list of all of your assets, or things that you own or have a right to. Assets can be divided into different categories, such as:

Bank accounts: These include checking and savings accounts, money market accounts, certificates of deposit (CDs), and other cash equivalents.
Retirement accounts: These include 401(k)s, IRAs, Roth IRAs, pensions, annuities, and other retirement plans.
Investment accounts: These include mutual funds, stocks, bonds, exchange-traded funds (ETFs), real estate investment trusts (REITs), and other securities.
Real estate: This includes your primary residence, vacation homes, rental properties, land, and other real estate assets.
Collectibles and other assets: This includes art, jewelry, antiques, vehicles, boats, furniture, equipment, and other personal or business assets.
Accounts receivable: This includes money that is owed to you by others for goods or services that you have provided.

For each asset category, you should record the following information:

Name of the account or asset
Account number or identification
Location or institution
Current value or balance
Beneficiary or ownership information

Debt Inventory

A debt inventory is a list of all of your debts or liabilities, or things that you owe to others. Debts can be divided into different categories, such as:

Credit cards: These include all of your credit card balances and interest rates.
Personal loans: These include any loans that you have taken out for personal or business purposes, such as student loans, car loans, home equity loans, business loans etc.
Accounts payable: This includes money that you owe to others for goods or services that they have provided to you.

For each debt category, you should record the following information:

Name of the creditor or lender
Account number or identification
Location or institution
Current balance or amount owed
Interest rate or terms
Due date or payment schedule

Important Financial Documents and Information

In addition to your asset and debt inventories, a financial inventory worksheet may also include a collection of all of your important financial documents and information. These are documents and information that are essential for your financial planning and estate planning purposes. They may include:

Life insurance policies: These include the name of the insurance company, the policy number, the type of policy, the coverage amount, the premium amount, the beneficiary information, and the contact information of the insurance agent.
Power of attorney: This is a document that authorizes someone else to act on your behalf in financial matters in case you become incapacitated or unable to make decisions for yourself.
Long-term care insurance: This is a type of insurance that covers the cost of long-term care services such as nursing home care, assisted living, or home health care.
Health insurance: This includes the name of the insurance company, the policy number, the type of plan, the coverage details, the premium amount, and the contact information of the insurance provider.
Living will: This is a document that expresses your wishes regarding medical treatment in case you become terminally ill or unable to communicate.
Trust documents: These are documents that create a legal entity that holds assets for the benefit of one or more beneficiaries. Trusts can be used for various purposes such as tax planning, asset protection, or charitable giving.
Prenuptial agreements: These are contracts that specify how assets and debts will be divided in case of divorce or separation.
Social security details: This includes your social security number, your earnings history, your benefits statement, and your contact information of the social security administration.
Birth certificate: This is a document that proves your identity and citizenship.
Passwords: These are the passwords or access codes for all of your online accounts, such as email, social media, banking, investing, etc.

For each document or information category, you should record the following information:

Name of the document or information
Location or storage
Copies or backups
Access or retrieval instructions

The Necessity of a Financial Inventory Worksheet for Financial Planning

Creating a financial inventory worksheet can be a tedious and time-consuming task, but it is also a necessary and beneficial one. Here are some of the reasons why you need a financial inventory worksheet for your financial planning:

It gives you a baseline of your net worth. Your net worth is the difference between your total assets and your total debts. It is a measure of your financial health and progress. By calculating your net worth, you can see where you stand financially and how far you are from reaching your financial goals.
It helps you track and manage your cash flow. Your cash flow is the difference between your income and your expenses. It is a measure of your financial stability and flexibility. By tracking and managing your cash flow, you can see how much money you have available to spend, save, invest, or pay off debt each month.
It helps you optimize your asset allocation. Your asset allocation is the way you distribute your assets among different categories, such as stocks, bonds, cash, etc. It is a strategy to balance your risk and return based on your goals, time horizon, and risk tolerance. By optimizing your asset allocation, you can maximize your returns while minimizing your losses in different market conditions.
It helps you reduce your debt burden. Your debt burden is the amount of debt that you have relative to your income or assets. It is a measure of your financial leverage and stress. By reducing your debt burden, you can lower your interest payments, improve your credit score, and free up more money for other purposes.
It facilitates effective estate planning. Estate planning is the process of arranging how your assets and affairs will be handled after your death or incapacity. It is a way to protect your legacy and provide for your loved ones. By facilitating effective estate planning, you can ensure that your assets are distributed according to your wishes, avoid unnecessary taxes and fees, and prevent legal disputes among your heirs or beneficiaries.

According to Statista, 36% of U.S. citizens feel well-informed about their financial situation. This means that almost two-thirds of Americans lack the knowledge or awareness of their own finances. A financial inventory worksheet can help bridge this gap and empower you to take control of your money.

Kubera: The Future of Financial Inventory Management

If you are looking for an easy and convenient way to create and maintain a financial inventory worksheet, look no further than Kubera.

Kubera is like a digital financial inventory worksheet that allows you to track and manage all of your financial assets, accounts, documents, and more in one place.

With Kubera, you can:

Connect accounts to get automatic updates on values. Kubera supports over 20,000 banks and brokerages worldwide, as well as cryptocurrencies, precious metals, real estate, and other alternative assets. You can link all of your accounts to Kubera and get real-time updates on their values and balances.
Net worth tracking: Automatically calculate and track your net worth over time. Kubera calculates your net worth based on the values of all of your connected accounts and assets. You can also see how your net worth changes over time with interactive charts and graphs.
Secure storage for all of your important estate planning documents, account details, passwords, and more. Kubera provides a safe and encrypted vault for storing all of your important financial documents and information. You can also access them anytime from any device.
Share that information with the important people in your life – family, financial advisor, CFP, etc. Kubera allows you to share access to some or all of your financial information with the people you trust. You can choose what to share, with whom, and for how long. You can also set up a beneficiary who will receive access to your information in case something happens to you.

Kubera is the ultimate tool for creating and managing a financial inventory worksheet. It is simple, secure, and smart.

You can sign up for a $1 trial today and see for yourself how Kubera can help you with your financial planning.

Other Financial Inventory Worksheet Options

If you prefer to create a financial inventory worksheet using other tools or templates, you can try these templates for creating a personal financial inventory:

The Kubera Financial Inventory worksheet.
The Michigan Association of CFPs (MICPA) offers a detailed worksheet.
Legacy Family Office has its version which can be found here.
Vanguard is another reliable name, and their template can be accessed here.
Raymond James offers a concise inventory worksheet here.

These templates are designed to help you organize and document your financial information in a simple and structured way. You can download them as PDF files and print them out or fill them in electronically. You can also customize them to suit your needs and preferences.

However, keep in mind that these templates are not comprehensive and may not cover all of your financial information. You may need to add or modify some categories or fields to make them more complete and accurate. You may also need to update them regularly to reflect any changes in your financial situation.

Alternatively, you can use Kubera, the digital financial inventory worksheet that automates and simplifies the process of creating and maintaining a financial inventory. Kubera connects to your accounts and assets, updates their values automatically, calculates and tracks your net worth over time, securely stores your important documents and information, and allows you to share them with the people you trust. Kubera is the best way to create and manage a financial inventory worksheet.