Friend said she'd prefer to meet when I had more money

[Whatever555]

Had some money issues and on a tight budget, sometimes meet up with an old colleague, sometimes she'd say 'Let's go for food then onto the cinema/theatre/bowling' etc.. id have to cancel sometimes or just suggest going for a drink or something.
She's said 'Let's just leave meeting up until you can do something other than a coffee." I feel embarrassed and guilty- I know she's probably bored of it but surely you're just happy to see your friend? We could do a walk or go to a park etc. I feel a bit boring.

Your friend sounds like she's just using your company to go and do things she likes. For her it's not about spending quality time catching up, it's about pleasing her own selfish needs. Hence the lack of interest in doing anything low cost.

A real friend would simply meet you for a coffee. Ditch her, she's a user and not worthy of your time.