Most individuals buy a lot of items regularly for personal use from various sources. While many of these items are consumables which will be used over a period of time, there are other items which are durables which will last for a long period of time. While evaluating the net worth of an individual accurately, these personal belongings may have significant value.
Most people do not keep track of their personal belongings, because they find it a time consuming process and they feel that they do not matter much. However, there are many readily available utilities and templates like the Microsoft personal inventory template which has the following advantages:
- It is available for free and used to keep track of the personal inventory.
- It can be customized as needed and is easy to use.
- The template be downloaded from this page whenever needed.
Using the Personal Inventory Template
The template has a provision for entering the quantity and value of the products as they are being purchased. If an individual is using a spreadsheet for keeping an inventory for the first time, will first have to spend some time, making a list of all the items available in the house.
The items will have to be divided into different categories for ease of access and identification, like furniture, tools, electrical spares, stationery. For a person with a large number of items in the house, preparing a personal inventory can be a tedious and time consuming chore, but it will help in the long term, to accurate estimate the assets of the individual.
Taking the inventory can be done over a period of time gradually, if the person does not have sufficient time due to a busy schedule. Usually this task can accomplished on weekends as well as holiday, for a person with a conventional job.
Advantages of Keeping a Personal Inventory
There are several advantages of keeping a personal inventory available. It is possible to accurately decide the items which need to be purchased and the quantity needed. If some extra money is needed urgently, the inventory can help in pinpointing the excess items available in the house, which can be sold to raise funds.
Download: Personal Inventory