Both long term and short term or daily study planning are important to make your planning efficient and realistic. Long term planning will help you see the overview of what you need to accomplish within a month. On the other hand, a daily study schedule will help you become more organize and efficient in your day to day schedule.
Students who have plan about the things they must accomplish in a month and what they need to do in a day to day basis in order to accomplish those scheduled stuff are more productive but less stressed. Having both plans allow the students to manage their time efficiently as the unnecessary time exerted on contemplating on what needs to be done in a particular time-frame is minimized.
To give you more ideas on how to make your long term and short term study planning, check out this website from Community College of Aurora, they have this nice calendar animation on how to schedule or plan your day.