Side Hustle Income and Expense Tracker in Google Sheets: What to Track
If your side hustle money lives in three apps, a payout email, and your memory, you can't answer a simple question: what did I actually keep this month? A basic side hustle income and expense tracker in Google Sheets answers that in one place. Here's what to put in it.
1. An income log: one row per payment
Every time money comes in, add one row. These seven columns cover almost every side hustle:
| Column | Why it matters |
|---|---|
| Date | Lets you total by month for your P&L. |
| Client / source | Shows which clients or products earn the most. |
| Platform | Direct, Upwork, Etsy, Gumroad… fees differ by platform. |
| Amount | The gross payment before fees. |
| Hours | Needed for your effective hourly rate. |
| Fee | Platform or payment-processing fee. |
| Net | A formula: =Amount − Fee. |
2. An expense log: category, amount, deductible?
Log every business cost with a date, a category, the amount, and a simple Yes/No for "tax-deductible". Common categories: software and subscriptions, supplies, stock assets, contractor costs, a share of your phone and internet, and travel. Which costs count as deductible depends on where you live, so check with a tax professional. The tracker just keeps the list tidy.
3. A monthly profit and loss (P&L)
A P&L tab turns the two logs into one row per month: income − expenses = net. In Google Sheets, SUMIFS can total each month from the logs, so you never type the same number twice. After a few months you'll see which months are slow and plan for them.
4. Your effective hourly rate
Divide net profit by hours worked. This is the number that tells you whether a gig is worth keeping. A $500 project that took 25 hours pays less per hour than a $200 one that took 4.
5. A tax set-aside habit
Pick a percentage of profit to move aside each month, and let the sheet calculate it. The right percentage depends on your situation. The point is the habit, so tax time isn't a surprise. (This is planning, not tax advice.)
Set it up in 10 minutes, or skip the setup
You can build this yourself with the columns above. If you'd rather start with the formulas already done, the SideTally tracker has all five parts.
Side Hustle Income Tracker: income log, expense log, dashboard, monthly P&L, rate calculator, and tax set-aside, for Google Sheets and Excel. $17.
Not sure your rate is right? Try the free true hourly rate guide and calculator first.