Two things in constant are life, change and family wanting your hard earned spare change.

The holiday’s are here and as great as it is to be with loved ones, there are those who want to help you spend your annual bonus. It’s never easy turning down a family member who needs cash, but before you feel guilty about saying no, you may want to hear what financial advisors have to say.

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Kerry Moss, a financial advisor at Longterm Interactive Allied Investment, shares her thoughts on family who ask for money in December.

“It’s important to plan ahead before you get any extra bonus. From the beginning, I’d say no. I’d explain to the family member that I have already used my bonus for January extras such as stationary, school fees, as well as for Christmas presents etc.,” says Moss.

In addition to Moss’ advise, we asked five random strangers how they deal with family needing cash.

  1. “I don’t beat about the bush. I just say I don’t have any money. The only person I give money to is my mom, and I don’t even ask why. For anyone else it’s a no.”
  2. “I don’t say no. I can’t because they help me out when I need something.”
  3. “I don’t say outright no, but I list all the things I have paid and I still need to do, so they feel guilty for asking because they can see I’m in over my head. At times it isn’t even true but it’s easier than saying no.”
  4. “I don’t lend or give family money. I have a lot of them who are staying at home doing nothing. So why should I fund someone who is doing nothing to help themselves.”
  5. “I never lend family or friends money because it becomes messy and I respect them and don’t want to mess up a good relationship. If I lend you money and you don’t pay it back, it makes me bitter and angry, so I’d rather not.”

So, enjoy your hard-earned cash or bonus this holiday. Do it responsibly and don’t let financially irresponsible family members make you feel guilty about it.