How global workers plan income, location, and lifestyle together

Often, the logistical considerations for global workers can be more exhausting than the job itself. You have to plan your finances, research your destination, and schedule trips while ensuring an optimal work-life balance. It is likely to become so chaotic that you may consider a traditional work structure instead. If you hope to enjoy your global work life, then integrating your financial plan, location, and lifestyle is your surest bet. This article explores how you can piece these work elements together to ensure optimal work performance.

Also read: How global work culture is changing the way we live and earn

Planning your income as a global worker

Your income determines a lot. When people consider becoming a global worker, they think of Dubai first, even though their income should make them think of Mumbai. Experienced digital nomads ensure they have their finances locked in before setting out. If you are an I will figure it out’ kind of person, you might end up stranded in an unfamiliar country because you like the aesthetics. These are some measures for global workers:

• Detailed research: Before moving, research the cost of living (rent, utilities, food, transport, and leisure) using tools like Numbeo or Expatistan.
• Track expenses: Use apps like YNAB or simple spreadsheets to monitor spending and adjust accordingly over time.
• Set a Budget: Follow it strictly. The popular 50/30/20 budget (50% needs, 30% wants, 20% savings) is often recommended.
• Manage taxes: Understand tax residencies, avoid double taxation, and keep meticulous records. When in doubt, hire a tax expert.
• Savings and emergency funds: Global workers aim to save 3 to 6 months of their living expenses as a backup in case their income becomes unstable. Set up automatic transfers to a savings account.
• Contracts: Ensure work contracts clearly define payment methods, payment terms, and currency (use stable currencies like USD, EUR, or GBP).
• Use multicurrency accounts: These allow them to receive payments globally at low cost and withdraw to local currency at competitive rates

You may also like: Global accounts vs traditional banks: What remote workers should know

Choosing a destination as a global worker

Once your finances are sorted, you can start thinking of locations your income can support. Global workers prioritise destinations with solid Wi-Fi, affordable living, and digital nomad visas that let you stay longer. Evaluate safety, healthcare, and work-life balance. Also, don't forget time zones. For example, if your clients are in the US, avoid places like New Zealand where calls mean midnight meetings.

Being a digital nomad doesn’t mean you are constantly moving around without a plan. Rather than moving impulsively, global workers plan their relocations around times when they have less work. This reduces stress and maximises performance.

Managing lifestyle as a global worker

Managing lifestyle as a global worker requires a strategy that balances your job responsibilities and your personal well-being. Global workers should be clear on what type of life they’d like to experience. It is easy to get carried away with exciting adventures and relax. But there is a job that sponsors this lifestyle, and this should always be at the back of your mind.

Establish work-life boundaries by separating work areas from living areas. Have a clear work structure that defines your working hours and accommodates varying time zones if you’re working with a global team. Regular exercise and sleep are essential for managing stress and improving well-being.

Also read: Financial habits that make global work sustainable

Balancing income, location, and lifestyle as a global worker

Now, let’s piece these elements together.

We have already established that your finances strongly influence your location and lifestyle. It is therefore important to adapt your lifestyle and location choices to fit within your budget while leaving enough for a rainy day. Don’t be afraid to start small and gradually grow.

Mastery in global work is balancing location and lifestyle on your finances while maximising productivity. Grey helps you achieve this balance by streamlining your finances to improve planning. With multicurrency accounts, you can manage USD, EUR, and GBP transactions in one place and withdraw in local currencies at competitive rates. You also avoid losing a chunk of your income to high transaction fees and unfair exchange rates. Grey’s virtual USD debit card gives you more flexibility to make payments as you travel globally.

Sign up on Grey and download the app to manage your finances across borders.

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