I've ran many a vehicle out of gas and have had no ill effects. I've ran out in my Jeep 3 or 4 times now (dang sending unit) and it still runs after you gas her up.

It's just an minor inconvenience

Unless it's raining then it's a PITA

 

Yeah, it doesn't do any damage to the engine.

The only thing that you may have to worry about is that if there's any rust or other junk floating around in the tank it may have been picked up and could clog something up the line like the fuel pump or filter.
This isn't very likely to happen, so there aren't any real worries.

 

Heck, ran out of gas yesterday....the fuel guage doensn't work, and haven't felt like pulling the cluster yet. I didn't run ALL the way out though....as soon as it started spittin and sputtering I pulled over and dropped in the five gallon can I had on the back. I guess as a "poor college student" (boy, I remember them days--lost a lot of weight in college!) you won't be using that option. Running out of fuel in a gasoline engine isn't much of a big deal, though some fuel injected engines do need primed afterwords. In a diesel though, it's a MAJOR PITA! Can't tell you how many times when I was turning wrenches for a living that I'd get a call from an operator that his truck or piece of equipment wouldn't start....I'd get there and find out that he'd run it out of fuel....out came the priming pump!

 

If you live in a cold climate, you are much more likely to encounter fuel line freeze up if you run low on fuel all the time.

 

running out of gas will damage an electric fuel pump it uses the gas to lube the pump so if you run it dry theres no lube and you'll can burn out the pump.

 

I thought it was one of those things to avoid doing. On top of the sucking up junk from the bottom of the tank thing, your engine is running lean before it goes out. Running an engine on the lean side is not good for it. I try not to do it, only ran out once in my life. The choice is yours, but I try not to inflict injury when I do not have to. What difference does no money make to running out of gas??? Running out of gas tends to lead to parking tickets, towing bills, late for work etc. Putting a couple bucks in the tank in advance is much cheaper in the long run. You have to put the gas in eventually. I would try minimizing driving before I would run it out of gas.