What Do You Do When You Run Out Of Money?

Discussion in Personal Finance started by mildredtabitha • Oct 4, 2017.

  1. mildredtabitha

    mildredtabithaActive Member

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    I have experienced this 2 years ago. I was in school and living alone. I am the type of person who prefer to shop for things that can last me two weeks or 1 month especially food.

    It came a day when the money was over and I had two weeks remaining to get more cash. In those two weeks, I never felt the need to borrow because I had everything. I had enough food, source of heat and washing essentials. School was 10 mins away from where I stayed and so I had no need for fare. I had enough phone credits for buying bundles. The only thing I could not buy was my favorite fast food.

    Have you ever run out of money? Did you borrow immediately or you could live without it?
     
  2. NinetyEighty1

    NinetyEighty1Active Member

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    I have never run out of money though my advice is to try and live more cheaply. Try to buy storage food products and food on sale to save a bit of money. Also, maybe just put a bit of money within the bank every end of the weak and don't touch it for a while. If I run out of money I would try to make due of the situation or possibly pawn of unneeded items for extra money.
     
  3. mildredtabitha

    mildredtabithaActive Member

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    Thanks for your advice. That was my onetime experience and I learned from it. I had started doing what you have mentioned this year, putting some money in the bank weekily and not touching it for a while, and my savings is increasing.

    So I won't worry about running out of money anymore :D
     
  4. PAYAKNAPAGIISIP

    PAYAKNAPAGIISIPActive Member

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    This always happens to me before and I would usually call my older sister to lend me some money. Of course, I need to pay her back so I can do it again, as I have said, this always happens to me a lot.
     
  5. luri

    luriActive Member

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    When I was in college and university I ran out of money many times. I was depended on my parents for my college/university fees, education cost as well as living expenses. When I ran out of money, I went to stay with my friends. When they ran out of money they came to stay with me (my friends also ran out of money). After I started working, I never ran out of money because I always save for rainy days.
     
  6. Alexandoy

    AlexandoyWell-Known Member

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    I was used to be in that situation when I was younger even if I had a stable job. My expenses were always over my budget. But I was fortunate to have a family that is supportive of me. My parents in particular, would always lend me money whenever I was in debt. At least I didn’t have to worry about interest and that’s really a big help. I have some friends who seek financial help from their rich grandparents and I’d say they are lucky. When you borrow money from a lender, you have to mind the interest because that would bring you to your financial downfall.
     
  7. NinetyEighty1

    NinetyEighty1Active Member

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    No problem, glad to help you out. Also, if you are a bit old style you could always have some sort of money jar around to keep better check of it, just a suggestion. Also, even if you are buying cheap products, it never hurts to buy things on sale more often or use coupons.
     
  8. ACEP

    ACEPMember

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    It happened to me so many times when I was in college. Mostly, I avoid joining my friends to their party. I live cheaper than the usual, I always think so many times before buying some thing. I save my money for foods and/or for school projects.
     
  9. mildredtabitha

    mildredtabithaActive Member

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    I understand this feeling very well. Thinking too much of whether to buy something or not can be extremely stressful. Even saving can be hard. And you might find that you can't keep up with your friends because you need to adapt a cheaper lifestyle for you to survive.

    Doing some small business in school like selling things you can make to your friends can help to solve the problem. Some of my classmates did this and life went on smoothly. :D
     
  10. littlewitch66

    littlewitch66Active Member

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    These days I don't run out of money but it's a worrying feeling. I used to run out when my children were little but my mum always helped me out and I paid her back when I got paid myself. She is no longer with us so if it happened again I'm not sure what I would do. Hopefully I will never be in that position again.
     
  11. Ray1

    Ray1Well-Known Member

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    I have never faced a serious problem of having run out of money for a long time except the one last year in November when our government decided to demonetize. In fact our government was not fully prepared for the acute shortage of currency. I was scheduled to go to a nearby town and I had very little cash. Even the banks were closed and online transactions were working too slow due to long queues at every place. I really had a bad time during a period of one week or so before currency was made available although in a limited amount.
     
  12. littlewitch66

    littlewitch66Active Member

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    In the UK we have a place called The Citizens Advice Bureau who can help people when they don't know where to turn. They don't give you money but they can give free advice on how to deal with poverty. They are able to put you in touch with people who can help. Many homeless people have turned to them in desperation when they have no home and no money. I don't know if places like this exist in other countries.
     
  13. mildredtabitha

    mildredtabithaActive Member

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    We also have some organization here in Kenya that helps in bringing the traditions of ethical thinking to bear on real world problems. One of them is called the Markkula center for applied ethics. We also have charity organizations.
     
  14. tallulah

    tallulahActive Member

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    Thankfully, I am yet to experience this (running out of money completely). But I would say the best way to tackle this is to cut out all unnecessary expenses like entertainment. As long as you have the most essential basic things like food, shelter and clothes, you can survive till things get better. You can also think of selling old household items still in good condition to raise cash.
     
  15. Heatman

    HeatmanActive Member

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    Living or staying out of cash is one of the worst experience or situation one could ever found himself/herself in. It practically renders you absolutely helpless and just living at the mercy of your supporters if you have any.

    Here we call it being broke and it's something more common among young graduates in our country Nigeria today. As a result of no job opportunities and unfavorable environment to start up a business of your own, definitely one is bound to get bankrupt in no distant time.

    I have actually experienced this one time when I was yet to get any job, it was an experience that I would give anything never to relive again or wish it to anyone out there. You talked about borrowing, what happens when you practically have no one to borrow from? It's not a good thing at all.
     
  16. Rock1987

    Rock1987Member

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    The situation "running out of money" has never happened to me. I always pre plan my finances. I never like the idea of borrowing money from people. Sometimes my friends run out of money before the month ends and ask me to cover for them. I pay them a few times but tell them to be plan their finances properly. Living in debt is not a good thing.
     
  17. Nakitakona

    NakitakonaActive Member

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    I have to sacrifice for it's hard to repay the money you get from borrowing, especially its interest rate.

    Or I will use some of my savings, but not to loan money from my friends. It's usurious borrowing from others.
     
  18. Ray1

    Ray1Well-Known Member

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    In India we have couple of such institutes but in Australia government supports in case anyone loses his job. People immediately start getting DOLE. I think it's good in some cases but makes people lazy too at times. There are so many cases people stay at home and never try to find a job. I have heard able bodied people announcing proudly, "I was on dole for three years". check people can get $1200 per month-

    Please Log In to view this link!

     
  19. Nakitakona

    NakitakonaActive Member

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    In our place, those people who don't have any work and are classified as poor are qualified for the conditional cash money transfer. This is the program of our government to help the poor among in our society.

    They're supported or get their financial assistance every month. The assistance given to them is for educational needs of their children and for their other family needs like foods and medicines.

    However when they're running out of money they go to the loan shark. This is not a good practice, but usurious money lenders campaign for them.
     
  20. TheOtherSide

    TheOtherSideActive Member

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    I had experience this back when I was still in college, and until now I still have days when budgeting is quite hard and money is really tight. But during college days, it was easy to manage since it's not much of an issue and my family is always there to back me up and help me financially. But as a grown man, having a similar problem today is really a big deal since my parents are now retired and it would be not so nice always having to depend on them especially financially. And so I deal with it alone but at times I ask help from my friends and siblings.
     
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