Use this phrase when you're telling a story. It's useful to tell a story about this kind of situation:
- You had a problem.
- You tried a few different ways to solve it which didn't work.
- You use "I finally had to ___" to express the last thing that you tried.
In the example above, the speaker tried to get money in a few other ways. Asking his parents was the last thing that he tried.
Here's another example: