This article unpacks what constitutes the economics of transnational living. We situate this concept among literatures on economic transnationalism, transnational livelihoods, and transnational social protection but argue that it merits a new conceptual foundation. The first part of this foundation is the definition of “transnational living” as sustained and similarly significant attachments, interactions, and presences in two or more societies separated by national borders. The other half is “the economics of” transnational living, which we understand as the economic choices and relationships that motivate, condition, or result from such a way of life. We combine the conceptual development with empirical analysis of interviews with a diverse set of people who lead transnational lives within Europe or between Europe and other parts of the world. In this material, the economics of transnational living is constituted by six overlapping spheres: livelihoods, housing, mobility, social protection, legal matters, and brokerage.