Under assets, write down everything you own that has tangible value, such as stocks, bonds, a house, a car, etc. Under liabilities write down everything you owe, such as a home mortgage, car loan, student loan, and credit card debt. Now add each column up and subtract your total liabilities from your total assets. The resulting number is your net worth. Homes are very expensive and, since they are financed over time, they can make your current net worth small.
Student loans can have the same effect.
The point to remember is that you are paying this debt off slowly and over time and you can still save while you pay it off. If credit card debt is high, then your first goal should be to pay off this high cost debt before you start saving. To do this will take a bit more time than a balance sheet. What you need to do is take a small notebook with blank pages in it. For one month you should write down, on a daily basis, everything you buy and any money that you earn.