“This article explores the best tools for parents juggling side gigs, focusing on budgeting apps, tax management platforms, and income-tracking solutions. It highlights user-friendly options like YNAB, QuickBooks Self-Employed, and Everlance, designed to simplify financial planning, track expenses, and ensure tax compliance, helping parents balance family life and side hustle income effectively.”
Managing Side Gig Finances as a Busy Parent
Parents often turn to side gigs to supplement income, whether it’s driving for rideshare services, freelancing, or pet sitting. Managing these finances requires tools that are intuitive, efficient, and tailored to irregular income streams. Below, we explore top tools to help parents in the USA plan and track their side gig finances, ensuring they maximize earnings while staying organized.
Budgeting Apps for Financial Clarity
Budgeting is critical for parents managing side gig income alongside household expenses. You Need A Budget (YNAB) stands out for its zero-based budgeting approach, where every dollar is assigned a purpose. YNAB syncs with bank accounts to track transactions in real-time, helping parents allocate side gig earnings to savings, bills, or debt repayment. Priced at $14.99/month or $109/year, it offers a 34-day free trial and educational resources to guide users. Its hands-on approach suits parents who want to actively manage their money.
Monarch Money is another strong contender, especially for families replacing the discontinued Mint app. It provides a comprehensive dashboard for tracking income, expenses, and net worth, with customizable widgets to focus on side gig earnings. Monarch supports shared budgets, making it ideal for couples coordinating finances. It costs $99.99/year or $14.99/month after a seven-day free trial, with high user ratings (4.7 stars on Android, 4.9 on iOS).
For those preferring a simpler, envelope-based system, Goodbudget digitizes the cash envelope method. Parents can allocate side gig income to virtual envelopes for categories like groceries or childcare. It’s free for basic features, with premium plans at $8/month or $70/year, and supports multiple users for family coordination. Goodbudget’s visual approach helps parents teach kids budgeting basics, too.
Tax Management Tools for Gig Workers
Side gig income is taxable, and parents must stay compliant to avoid penalties. QuickBooks Self-Employed is a top choice for freelancers and gig workers. It tracks income and expenses, categorizes transactions for tax purposes, and estimates quarterly taxes. The app integrates with bank accounts and platforms like Uber or Etsy, making it easy to log mileage and business expenses. Plans start at $20/month, with a 30-day free trial. Its mileage tracker is particularly useful for parents driving for rideshare or delivery services.
Found is a financial platform designed for independent contractors, automatically setting aside a percentage of income for taxes. It simplifies tax obligations by generating reports and tracking deductible expenses. Found’s free plan covers basic banking, while the Plus plan ($149.99/year) adds advanced bookkeeping features. It’s ideal for parents new to self-employment who need streamlined tax prep.
Income and Expense Tracking Tools
Tracking irregular side gig income is crucial for parents. Everlance excels at mileage and expense tracking, automatically logging trips for rideshare drivers or freelancers. It categorizes expenses and generates IRS-compliant reports, saving time during tax season. The free plan tracks up to 30 trips/month, with premium plans at $12/month or $120/year. Everlance’s user-friendly interface suits parents with limited time.
Hurdlr is another robust option, offering real-time income tracking, expense categorization, and tax deduction estimates. It’s tailored for gig workers, with features like automatic mileage tracking and invoicing. The free version covers basic tracking, while premium plans ($8.34/month) add advanced reporting. Hurdlr’s integration with PayPal and Stripe simplifies payment tracking for parents selling services online.
Automation and Goal Setting
Automating finances saves time for busy parents. PocketGuard helps monitor cash flow, identify subscriptions, and set savings goals. It syncs with bank accounts to track side gig income and expenses, offering a free seven-day trial and plans at $12.99/month or $74.99/year. Its “In My Pocket” feature shows disposable income after bills, helping parents plan for family goals like vacations or school fees.
For long-term planning, Empower offers a free dashboard to track investments, income, and expenses. Its retirement planner and investment checkup tools help parents align side gig earnings with future goals, like college savings. While its budgeting features are basic, Empower’s investment focus suits parents looking beyond immediate cash flow.
Choosing the Right Tool
The best tool depends on your side gig and lifestyle. For budgeting, YNAB and Monarch offer robust features, while Goodbudget suits simpler needs. QuickBooks Self-Employed and Found streamline tax prep for gig workers, and Everlance or Hurdlr excel at tracking income and expenses. Parents should prioritize apps with free trials, bank syncing, and user-friendly interfaces to balance financial management with family life.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Consult a financial advisor for personalized guidance. Information is sourced from reputable websites, user reviews, and industry insights.
