Look at your lead volume, lead quality, and how much of your budget you are actually spending. If you are getting good-quality leads but your budget is consistently being used up, increasing the budget may help you generate more leads. If you have plenty of budget available but lead volume or quality is poor, the campaign likely needs optimization.
Check your service areas, job types, reviews, profile, response time, and recent performance before raising the budget. Also look at whether leads are turning into booked jobs and paying customers.
A simple rule is if you are getting profitable leads and hitting your budget limit, consider spending more. If you are not getting good leads in the first place, optimize the campaign before increasing your budget.