Hi Pranav
Budget check is usually meant for overheads, not for raw material procurements
However you can have it for raw material procurements also. Either you implement funds management module or create the RM stock accounts as statistical cost elements and assign budget in statistical internal orders. FM will be more stable than IOs.
However. Be really sure about doing this. Raw material procurements should be driven by mrp process. If you define raw material as individual requirements material in mrp view of material master, system will generate its requirement in mrp run only when there is associated sales order
Ajay M