The Facebook ad account spending limit is a feature enabling you to set a cap on the total spending for your ad campaigns. It's a handy tool for budget management. Note, however, that if you're using prepaid funds for your ad account, or if your spending limit is less than what you've already spent, adjustments to the limit may be restricted.
If your campaign's spend goes above your spending limit, you'll need to update or remove your limit to keep running ads.
Here's how you can adjust your spending limit:
Make sure your ad account is selected, by reviewing the ad account name on the top right
Navigate to the 'Account Spending Limit' section.
Click the 3-dot icon.
Select 'Set Limit'.
Enter your desired spending limit.
Click 'Save', then 'Done' to confirm.
Remember, changes to the limit take about 15 minutes to become active. The limit applies to your account's lifetime spending and doesn't reset automatically. With this feature, you can effectively manage your ad budget to avoid exceeding your desired spend.