English sea-faring merchants would pay banks to cover them in case of a shipwreck and if the ship returned safe from its journey the bank would keep the premiums.
A premium so paid covers the cost of insuring the individual and provides assurance to the insured that in the event of a loss he/she will be covered.

Before you completely give up, know that creating a budget and sticking to it is a skill. And as skills go, it takes time and effort to master. 

Several personal finance coaches weigh in on some of the common pitfalls that people fall into which end up costing them big time and how to fix them to get you on the fast track to budgeting like a pro. 

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