We've blown our budget

Living according to a carefully planned budget means that you spend within your means and that, hopefully, you are even left with a little extra at the end of the year that can be saved for a rainy day. Because rainy days happen. A lot of people do not live within their means and because they run out of money before the end of the year, they borrow. The next year, not only do they have to pay their yearly expenses, but they also have to repay their debt. So they borrow more. If this cycle doesn't stop, you stand to lose a lot.

Sustainable Business published an article on Ecological Debt Day. October 6 marked the day that humanity consumed all resources that our planet could produce this year. We already started borrowing on next year's resources. Ten years ago, we started borrowing in November.

This is really bad budgeting. What happens when we have to declare bankruptcy?