Every year, thousands of loans are given to members in need of financial assistance for a myriad of reasons. Taking a loan for festive-related expenses has been gaining popularity in recent years. Splurging on luxury purchases and lavish meals during this period is common and can serve as a pat on the back for the hard work throughout the year, an encouragement to push on harder next year. However, it is advisable to spend within your limit so that you do not end up starting the new year in the red. Manage your festive spending by limiting a budget for the occasion. Categorize the expenditures into needs and wants and focus on saving as much as possible from each item so that the expenses are kept within your budget set. Clueless on how to save without sacrificing the celebrative mood? Here are some suggestions on spending less without doing less!

Enjoy the Festive Season without Busting your Budget


1) A large portion of the festive spending goes towards the purchase of gifts. Gift exchanges are common and sometimes expected among family members, friends, social gatherings and even with colleagues. The sheer number of presents to be purchased could add up to hundreds or even thousands of dollars, depending on the extent of your extravagance. Manage your loved ones’ expectation by informing them that you are on a budget this year and cap the cost of the gift at a lower amount. This way, you will not feel pressured to return an expensive gift because you received one. Better still, make your own gift! It could be an album of photographs comprising the significant memories of your journey together, a do-it-yourself soft toy with guidance from experts online or a hand-crafted card to tell them how much they mean to you. Your effort and creativity will be appreciated by both your loved ones and your wallet.


2) Restaurants are often overcrowded, and prices are marked up, during festive seasons. During peak hours, service standards are often compromised due to the large crowds, and the dining experience is less enjoyable. Instead of having to deal with the hassle of making your way to a restaurant, why not gather your loved ones at home and have a potluck, or enjoy a barbeque cook-out at one of the many public pits in our beautiful parks or neighbourhood areas? The savings are significant and better quality food can be assured since you are purchasing the ingredients yourself (unless you burn your chicken wings!).


3) With the combination of public holidays and weekends, it is possible to enjoy a 10-day work-free period by only applying for up to 4 days of annual leave. Throw in the fact that it is also the December school holidays, and the temptation to go for overseas holiday gnaws away. However, any seasoned traveller knows that holiday seasons are one of the key periods where prices of flights and accommodations are much higher compared to off-peak seasons. Popular tourist sights and locations will be brimming with holiday-makers, with long queues for everything from rides in theme parks to entrances to museums and restaurants. Why not stay in Singapore and enjoy the free performances organised island-wide, or go on a trip to Sentosa or Pulau Ubin and enjoy some affordable quality time with your family and friends? As the saying goes, it’s not where you go or what you do, but who you are with.

Let’s rock this festive season with an economically-friendly itinerary and menu! Merriest Christmas and Happiest New Year to all our members!

Need a loan for the up-coming holidays? Let Police Co-op help you have a worry-free festive season with our low loan interest rates and flexible repayment arrangements! Call our friendly Customer Service Officers to learn more about our loan facilities today at 6334 8055 or email us at enquiry@policecoop.org.sg.

Reminder to members on prompt declaration of Financial Embarrassment

Financial Embarrassment (FE) occurs if a civil servant is:

  1. Reported to be a judgement debtor; or
  2. Signs a promissory note of an acknowledgement of indebtedness which goes against paragraph IM2L #102; or
  3. Is an undischarged bankrupt; or
  4. Possesses more than 3 months of unsecured debts and liabilities at any time: total amount owing to the credit card issuing bank will be considered even if amount is payable over a 12 months instalment.

Members, who are civil servants, are encouraged to declare their FE status immediately upon occurrence. If you are in debt, steer clear of unlicensed/ licenced moneylenders and approach Police Co-op as soon as possible for a loan to settle your debt. Members may apply for a loan up to 6 times of their monthly income.

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Last Updated on February 4, 2016