Is there any binding to declare a variable characters length in Django?

Question

I am going to declare variable or function name around 50 characters strings.

Is it okay to declare in this way in Django? Or it may arise any error in future?

budgeted_cost_sheet_fabric_summary_obj_kg_consumption = 1.123

or

def budgeted_cost_sheet_fabric_summary_obj_kg_consumption_update(id):
    OBJ.update(an_attribute=data)