Money Management for Twitch

As a one-man-show, you will need to wear several hats. In addition to producing quality content, you need to manage your channel like a business.

From budgeting to taxes to paying people for services, there are several things you need to keep in mind. You need to ensure that you have enough income to pay out your expenses, track where they are going, and be prepared for tax season.

Here are a few different kinds of software that can help.

Budget Your Twitch Channel

Especially at first, streaming may bring in more expenses than income. It is important that you keep track of your finances and remember to prioritize your bills, grocery expenses, your new streaming expenses, as well as some fun. As you begin to generate revenue, you can create spending goals to help build up your channel to create a better experience for both you and your viewers. 

YNAB (You Need A Budget)

YNAB (You Need A Budget) is an easy-to-use well-rounded budgeting software. You can manage your finances at home on your computer or on the go from your mobile device. Many people have gotten out of debt and have begun to save money by following YNAB’s four methodical rules. You can trial it for 34 days for free. Pricing to use this system is $84 per year (about $7 per month) and comes with a money-back guarantee.

Buddi

Buddi is a free open-sourced software that allows you to keep track of your budget and finances. It is available in multiple languages and there are tutorials on their developer’s website on how to use it. It can run on Windows, Mac, and Linux.

Accounting Software for Streamers

As a freelancer, you will need to keep track of your business income and expenses. This can seem daunting, but there is automated software that can help you keep track of your cash flow so that you are prepared when tax season comes around.

Freshbooks

Freshbooks can help you keep track of your stream-related income and expenses. You can create invoices with it, look at your reports, and find all your financial information easily when you need to file your taxes at the end of the year. They also provide a 30-day trial so that you can try it out firsthand.

Wave

Wave is free accounting software that allows you to manage your books and cash flow, allowing you to be ready for tax time. It allows you to connect multiple banks and credit card companies and tracks your income and expenses for you. You can also scan your receipts and save them with the program.

Quickbooks

Quickbooks is a simple way to manage all the financial aspects of your stream channel. It keeps track of your income and expenses and you can see the variations from month to month. With automated features available, you can use your time to focus on building your brand and following. There are several plans available for different monthly subscriptions.