Worth checking whether the specific services you use expose an editable quota in the Cloud console. Where a service does let you set a lower quota, that behaves like a ceiling in a way that a budget does not, because it is enforced at the API rather than reported after the fact.
Coverage varies by service, so do not assume it exists for everything in your stack. Look up each one you actually depend on, and where it exists, set it slightly above your real peak. Where it does not, fall back to the application layer limits.