Until you can start monetizing your viewership, you're going to be at virtually $0 / mo. for some time. HOWEVER, yet's view the monetization options available.
First up, there's the Free Will donations / Tips... which is IMMEDIATELY available for all & utilizing services like StreamLabs to do the heavy lifting / processing as well as PayPal for the funds to drop into. You will want set a goal of some type (like equipment enhancement or covering travel expenses) that your viewers are willing to give you money towards.
Second, you can set up Partnership or Referral links with some businesses (like Humble Bundle) online that you believe in. This way, you can earn some money (or at least some store credit) from your viewers who utilize your referral link.
Third, you can set up a Patreon so your viewers can set up a reoccurring donation without having to deal with Twitch or YouTube's red tape (as you retain around 85% of pledged funds after Patreon's fees).
With Twitch, you'll want to obtain AT LEAST "Twitch Affiliation" & later reach "Twitch Partnership". With BOTH of these, you'll be able to earn money from Bits, Subscriptions & game purchases via the Twitch Desktop App. To hit the Affliation Eligibility threshold, you'll need the following:
* Have AT LEAST 50 Followers
* AT LEAST 500 minutes (8h 20m) of broadcast time within the past 30 days.
* Broadcasting AT LEAST 7 out of the last 30 days -- Please note that broadcasting over the midnight hour does NOT count as 2 days (as only the broadcast starting time counts).
* Have at MINIMUM AVERAGE of 3 concurrent viewers over the past 30 days
To put it into context, you'll need to broadcast AT LEAST 63 minutes TWICE per week to meet the broadcasting requirements. However, you'll likely want to consider making it a part-time job (shooting for like 20 hrs / wk... or about 80 hrs / mo) to improve your chances of hitting the viewership requirements.
Once you become a Twitch Affiliate, you'll earn 50% of your viewership subscriptions ($2.50 for Tier 1, $5.00 for Tier 2, $12.50 for Tier 3) & $0.01 / bit cheered in your channel. HOWEVER, there's a few things you need to be aware of.
1) You have to have AT LEAST $100 in your earning account at the end of the month to cash out. If you're under the threshold, it'll carry over to the next month..
2) There's a 45-day processing period of payouts -- So if you have a payout at the end of March, you would get that money by May 15th.
3) Affiliates have to pay the transaction fee (deducted from your payout) -- This fee varies between $0.60 (for direct deposit) to $13.00 (for a wire transfer) for US affiliates. For international affiliates (outside the US), the fee varies between $3.00 (for a paper check) to $22 (for a wire transfer) PLUS 2.5% currency conversion fee.
It generally depends on how you wish to be paid.
* Direct Deposits (ACH) take around 3-5 days to hit your banking institute
* PayPal takes around 1-2 days to hit your account
* Paper Checks take around 1-2 WEEKS to arrive in the mail
* Wire Transfers take 1-3 days to hit your banking institute, but there may be additional fees imposed by your institution.
So if you earned $100 in a month & set up Direct Deposit...
* A US affiliate would get $99.40 ($0.60 transaction fee)
* A Canadian affiliate would get ~$122.82 CAN (based on $92.50 US net earnings at time of writing; $5.00 transaction fee, $2.50 conversion fee)
The same $100 via PayPal would be...
* $98.50 for US Affliate ($1.50 MAXIMUM transaction fee)
* ~$126.13 CAN for the Canadian Affliate ($2.50 transaction fee, $2.50 conversion fee; conversion based on $95 US)
US users will generally want to go with direct deposit, but International users will have to consider their payment options to find the optimum payout.
With that known, you'll want clear a PRE-TAX amount of around $2,000 / mo. (~$24,000 / yr) before you consider quitting your day job (which is the equivalence of $12.50 / hr for a full-time job @ 40 hrs / wk). This comes out to roughly 800 subscribers (@ $5 tier) each month on Twitch to reach that threshold. Bits & Patreon earnings supplement this (lowering the required subscription count).
Please be aware that I'm only using Twitch as a reference as they're fairly up-front with stuff. While the profit split on subscriptions are more of a business secret between Twitch & you, the common split is 50/50. Info with YouTube will vary.
Hope this sheds light on the subject.