What happens when a campaign consistently meets its average daily budget?
- Ads in that campaign will stop showing for the rest of the billing cycle
- Average cost-per-click (CPC) bids will be lowered
- Your budget is automatically adjusted
- Ads in that campaign will show less often than they could
You set an average daily budget for each AdWords campaign, and then the system will aim to show your ads as much as possible until your budget is met. When your budget is reached, your ads will typically stop showing for that day. How quickly your ads are shown during a given day is determined by your ad delivery option.
Adding my inputs in all the great answers above, a campaign that consistently meeting its budget will result in loosing impressions which your campaign can get. I suggest that you check the search impression share and lost metric in your account for that campaign to view this information. You can add those columns from customize tab.
Also as per my understanding if you are using automatic bidding then Google will try to give you as many clicks as possible within your budget that means your cpc will be less which may lead to lower avg. position for the campaign.
Your Daily Budget is an amount that you set for each ad campaign to specify how much, on average, you’d like to spend each day. The amount you set will depend on various factors and should be regularly adjusted to results. But what happens if you set your daily budget too low? In general, your ads will stop showing for that day. That means some missed opportunities. How quickly your ads are shown during a given day is determined by your ad delivery option. Please note that finding the optimal budget and bid amount is an ongoing process. In my opinion, it’s a way better to go step by step through budget optimization than unreasonably wasting your budget at the beginning. In other words low budget is not always bad.
If you have a limited budget, you want to make the most of every cent you spend on your advertising campaign. When your budget is limited, your ad might not show as frequently as you’d like — or might not show at all.
Read more here: https://support.google.com/adwords/answer/2375418?hl=en