Yes, financial planning is possible without financial forecasting in Singapore, but it may not be as comprehensive or precise. Financial planning involves setting financial goals, creating a budget, managing expenses, and making investment decisions to achieve those goals. While financial forecasting adds a layer of prediction about future financial performance based on historical data and assumptions, it is not strictly necessary for basic financial planning.
However, financial forecasting can provide valuable insights and help refine financial plans by predicting potential challenges, identifying opportunities for growth, and informing strategic decisions. In Singapore, where economic conditions and regulatory changes can impact businesses and individuals, financial forecasting can be particularly beneficial for long-term financial planning and risk management.
Ultimately, while financial forecasting can enhance the effectiveness of financial planning, it is not a prerequisite for developing and implementing a sound financial plan. Basic financial planning principles, such as budgeting, saving, and investing wisely, remain essential components of financial well-being, even without sophisticated forecasting techniques.