Rohit

Its very simple though it is not taken into account in personal finance planning.

Now suppose you are planning to purchase a car after 5 years and you have checked the cost of car to be 10lakhs and decided to save 2lakhs every year for that plan. 

Now after 5 years you have surely accumulated 10 lakh ruppes but the same car's cost would have definetly imcreased.
Therefore it is important to keep in mind that Money has a TIME VALUE,  the purchasing power decreases with increase in time , thereby the value of money(puchasing power) decreases because of passing of time.

So ideally if you planned to purchase a car after 5 years worth 10 lakh rupees you will have to save more then 2lakhs wvery year keeping in account inflation and other factors or you have to invest 2 lakh every year in such a way that the returns beats the time value of money and ajdust the inflation in terms of returns.

Therefore for planning personal finance , time value of money is one of the most important facror to keep into account.

Its very simple, suppose in the 12month time frame , the stock is in uptrend, but on that basis we cannot trade INTRADAY in the markets beacuse we are supposed to capture the day trend only and not the ultimate trend.

similarly Different timeframes are used for different traders and investors according to their trading and investment strategy or time period.

therefore, it depends on the time horizon of a trade/investment. If it is intraday, timeframe of 5m/10/15m is suitable.

and if it is BTST type then 15m to 1h time frame.

and if short term then it would be 2h or 1 day

and if long term then Weekly time frame 

and if very long term then monthy and quaterly time frame can be useful.