When an individual makes a purchase without considering the financial consequences of that purchase, ignores the ______________ aspect of financial planning.

At the very basic level of personal finance, you should understand the need for, and value of, a budget. A budget or spending plan is a road map for telling your money what to do each month. At its simplest, a budget lists how much income you have coming in, compared to what's going out each month. Creating a detailed and written budget allows you to make smarter decisions with your finances on a daily basis. When you're faced with spending money on something, a budget requires you to stop and think about the purchase. You realize that by spending money in one area, you won't have to spend or save elsewhere. A budget or spending aspect of financial planning helps you to increase your cash flows by monitoring the spending patterns and nature of expenses. Finance planning which includes careful budgeting and prudent spending would help you in keeping more of the hard-earned cash.