A lifetime budget allows you to set a spending limit for the entire duration of an ad set. Meta will attempt to evenly distribute the amount you spend across the selected dates. This budget type also allows you to run ads on a schedule, known as 'day parting', where ads can be shown only on certain days and times.

A daily budget lets you set how much you’ll spend on average each day for your Facebook campaigns or ad sets. Meta can spend a bit more on certain days to take advantage of opportunities, but you’ll maintain that daily average over a week. Additionally, you aren’t required to set an end date when using daily budgets, providing flexibility to keep high-performing ad sets running.

The hybrid approach involves using a daily budget while setting a Campaign Spending Limit. This method allows you to benefit from the flexibility of daily budgets while capping the total amount spent over the lifetime of the ad set. You can also raise this limit whenever you want, combining the advantages of both daily and lifetime budgets.

Some may prefer daily budgets because they provide a better expectation of daily spending. Additionally, without setting an end date, advertisers can continue leveraging high-performing ad sets without interruption. This approach offers more control over daily expenditures and the flexibility to keep successful ads running.

The benefits of a lifetime budget include the ability to set a total spending limit for the entire promotion period and the option to run ads on a schedule (day parting). This can be useful for targeting specific days and times when your audience is most active, potentially increasing the effectiveness of your ad campaigns.