A budget is the amount of money you want to spend on showing people your ads, over the time period you’ve set them to run. You can set an overall budget for your campaign with campaign budget optimization (CBO), or set individual budgets for your ad sets. There are two types of budget duration:
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Daily budgets: The average amount you want to spend on an ad set or campaign each day. Daily budgets are not a hard cap.
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Lifetime budgets: The total amount you're willing to spend over the entire run-time of your campaign or ad set. Lifetime budgets are a hard cap, not an average.
Note: Lifetime budgets take the place of campaign spending limits when campaign budget optimization is enabled.