Becoming Debt Free and Moving To Puerto Rico with Bianca Alba – Episode 131

An inspiring story of becoming debt free, mindset shifts for better managing your finances, and living in Puerto Rico with Bianca Alba from This Latina Travels Podcast.

Bianca Alba is a proud Latina on a mission to inspire more Latinas to embark in travel. Born in Bolivia, raised in Virginia, Bianca grew up with three sisters in a single parent home, so for a long time, trips and vacations were just an idea. She currently resides in La Isla Del Encanto, aka Puerto Rico for the last seven years and has a full-time job working as a public health advisor. Bianca has traveled to six out of the seven continents, and believes that you do not need to be a millionaire to travel (which I wholeheartedly believe in). She’s on a mission to encourage and support women who look like her to travel the world.

In this podcast episode, Bianca Alba, the host of This Latina Travels, shares her journey to becoming debt-free, her decision to move to Puerto Rico, and how it has impacted her finances and fueled her love for travel. The episode also covers expat life in Puerto Rico, both the pros and cons.

Listen to the full interview here or click on a podcast player of your choice.

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In this episode we cover:

• [2:26] Traveling for joy.
• [8:58] Sacrifices to becoming debt free and debt free advice.
• [12:50] Budget travel and paying off debt.
• [19:02] Expat life and job benefits.
• [27:50] What it’s like living in Puerto Rico as an expat
• [29:25] Things to do in Puerto Rico.
• [33:02] Best beaches in Puerto Rico.

From Debt-Free to Expat Life in Puerto Rico

Sacrifices to get debt-free

If you’re wondering how can I get out of debt, achieving debt freedom takes hard work and sacrifice, but it can be incredibly rewarding and allow you to live a more financially secure life. However, it’s important to remember that everyone’s journey to becoming debt-free is different, so while tempting, avoid comparing your debt payoff journey to someone else’s.

Bianca Alba received a full scholarship to attend college and graduated without student loan debt. However, since there were no grants or financial aid available for graduate school, she accumulated a large amount of student loan debt. Additionally, when Bianca got her first real career job, she had to move across the country and used credit cards to pay for moving expenses.

Drowning in debt, she realized she had to make a change and started taking steps to become debt free.

Bianca Alba: “I know with student loans, for example, they require a minimum payment, but I was going beyond and over that because I wanted to be debt free so I can feel tranquility.”

Bianca started side hustling, taking on babysitting gigs, teaching Spanish, and waitressing to make extra money. This was a big sacrifice, as she had to give up her free time for two to three years. She also started educating herself on personal finance.

First thing was putting myself out there by learning. At that time, it was about 2015, 2016. So there were podcasts, there was a lot of resources, but you have to put yourself out there.

“I am constantly listening to financial podcasts, especially by women and Women of Color. The amount of information I learn on these podcasts that are absolutely free, it’s just insane. Because I’m just like, wow, again, I didn’t grow up learning any of this stuff, not even in school. The fact that we’re having these conversations, that there’s this space, there are resources out there.”

Helpful Tip: Women-hosted personal finance podcasts I recommend include:

• The Thought Card (this podcast)
• Yo Quiero Dinero by Jannese Torres
• The Money Nerds
• The Purpose of Money by Acquania Escarne
• Money Talk With Tiff with Tiffany Grant
• Brown Ambition
• Afford Anything
• Her Dinero Matters by Jen Hemphill
• Journey To Launch by Jamila Souffrant

Paying off debt and prioritizing travel

Bianca Alba: “Travel for me was a safe haven. I definitely encourage if it’s something you love, and that’s something you want to do, set money aside and do it. And travel doesn’t have to be expensive. You have to make sure to do your research.”

Bianca is a great example of a traveler who has managed to pay off debt and still travel. For the longest time, she wasn’t splurging. She says, “I wasn’t doing anything for me. What’s the point of just working, working, working and paying off this debt if you’re not going to enjoy any of it.”

Bianca avoided getting back into debt by budgeting, setting short-term financial goals, long-term goals, and finding creative ways to save money on travel like traveling with friends and splitting costs.

Listen Next: Financial Literacy Basics with Crystina Cardozo

In this episode, Math coach, Crystina Cardozo shares why you don’t have to be good at math to manage your finances, ways to develop basic financial education skills, and tips for teaching children about money.

Prioritize, Strategize, and Save

When it comes to budgeting, it’s important to prioritize, strategize, and save.

Prioritizing means understanding your needs and wants and making sure your needs are met first. Have enough money for rent, groceries, and bills before you spend on anything else.

Strategizing is about setting goals and making sure you are taking the steps to reach them. This could mean setting a budget for each month, tracking your spending, or investing in yourself. Finally, saving is about putting money aside for a rainy day. This could mean having an emergency fund or investing in a retirement account.

“Mindset is a huge component of not getting back into debt. I always ask myself, is this something I need or is this something I want? And as simple as that may sound, it really does help me.

But I also know now, as a grown adult with goals and stuff, I have different buckets.

I’m a big proponent of organizing my finances. So, I have my emergency fund, I have my travel fund, I have my one day housing fund, I have my pet fund, because my pets have to go to the vet and do all the good stuff. But it’s just organization.

And I think that comes with discipline as well. Finances have to be disciplined because if not, you’ll just throw all that money away.”

Listen Next: How To Start a Travel Fund (and Why You Need One)

In this episode, discover how to leverage using a travel fund to save for travel and how it can help make travel a financial priority in your life.

Staying out of debt by paying yourself first

Getting out of debt is one thing. Staying out of debt is another. It can be so easy to slip and get back into debt.

Bianca Alba: One way to stay out of debt is by “paying yourself first.” This is a strategy that involves setting aside money each time you get paid and using it to pay off debt or save for the future. This strategy can help you stay on top of your finances and prevent you from getting into (more) debt.

Bianca explains when paying off her debt, she would make sure to pay herself routinely. She would make a payment (bills and debt) and then use some funds to pay herself, set aside money for travel or whatever you enjoy. Travel was a way for her to intentionally splurge a little and enjoy herself while still prioritizing debt repayment.

Overall, staying out of debt and investing in yourself takes creativity, intentionality, and sacrifice, but it is worth it in the end.

Becoming an expat in Puerto Rico

A lot of people are choosing to become remote workers, some deciding to live in Puerto Rico.

Bianca’s situation is a little different because she works for the federal government and when she got hired for this job, all of her moving expenses were covered by her employer.

Unlike what you may think, moving to Puerto Rico is not cheap. Bianca shares that not only are the taxes high, but finding a place to live on the island is challenging too. Also, everything is imported — so food and gas are all more expensive.

Bianca Alba: “I’m really privileged to have this job that maintains my salary. I am single, so I also don’t have kids and I don’t have a family, but still, I have to be smart with my finances. I know I need a balance – there are days where I can’t go out because I really do need to save or I need to pay this expensive power bill that’s probably triple what everybody pays in the states because the power company is a whole other issue here.”

While Bianca moved to Puerto Rico for her job, and through her job enjoys financial perks, she still understands the need to be smart with her finances. She understands that in Puerto Rico, expenses are high and people often need to work two to three jobs to make ends meet. She also knows that she needs to have a balance between enjoying her debt free life and saving for the future.

Puerto Rico will always have a special place in Bianca’s heart. Listen to this episode, to hear more about Bianca’s journey to Puerto Rico and how it has been her home for almost seven years.

Additionally, she shares some gems that you should note prior to arriving on the island and her favorite things to do in Puerto Rico while you visit. Make sure to grab your pen and paper!

Connect with Bianca Alba

Bianca Alba is a proud Latina and first-generation college graduate. She was born in the heart of South America in Cochabamba, Bolivia and is the oldest of four sisters. Bianca holds a Bachelor’s and Master’s Degrees in Public Health. Despite many years of schooling, Bianca managed to pay off all her student loans and feels liberated by being debt-free.

Bianca is the voice and creator of “This Latina Travels!” – a travel podcast about travel through the eyes of a First Generation Latina traveler and college grad sharing all her travel experiences first-hand.

As a little girl, living in a single-parent household, trips and vacations were just a dream and felt unreachable. This Latina Travels is more than just Bianca telling you about her experiences, but it is a true reflection that dreams can become reality.

“It really didn’t hit me until I got to college where I realized the endless opportunities that travel could bring you. I mean, once I got to college, I was in a sorority. We would travel from state to state. And at the time, I didn’t think anything of it, or I didn’t really grasp the concepts of it. But now, ten years plus later, I’m like, wow, I really did a lot when I was in my early 20s. And then recently, in 2020, when I finally launched my podcast and started connecting with other like-minded women who resonated with my story from all over the world; just seeing the power of travel has resonated with me the most.”

Travel for joy, not necessity.

Traveling for joy is a concept that has become increasingly popular in recent years, especially among millennials and Gen Z. Growing up, travel for many of was seen as a luxury that was out of reach. We were taught to save our money for more practical matters, such as bills, rent, and food.

For many, their parents and grandparents traveled out of necessity rather than joy. They traveled to find a better life, to escape poverty, or to reunite with family members. For them, travel was a means to an end, not a leisure activity. But for us, travel can be a way to explore the world, to learn about different cultures, and to experience new things.

Today, we are fortunate to have more resources to travel for leisure.

Traveling can be a great way to learn about ourselves and to grow as individuals. It can be a way to step outside of our comfort zone and to challenge ourselves, connect with people from all over the world and to make lifelong memories.

Website: www.thislatinatravels.com

Podcast: This Latina Travel

Instagram: @thislatinatravels

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Danielle Desir Corbett

Danielle Desir Corbett is an award-winning and 6x grant-funded travel writer and podcast host who went from financial struggle to visiting 27+ countries all without waiting until retirement. Her story is proof that budget doesn’t limit adventure. Tune into The Thought Card Podcast for practical strategies to travel smarter and live on your terms. Say hello: thethoughtcard (at) gmail (dot) com.

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