First of all, you can't bid on a player who has a higher value of your money......
But when 'pay' your start-bid, you can just keep bidding and bidding, even if your next bid is higher than your money.

Some tips:
For how many seasons do you expect that your new player will be selected in your first-squad?
1-2 seasons?.....age doesn't matter
more than 2 seasons?....look for players up to the age of 21 / value doesn't matter

When I look at your money/tokens, I would say to wait for your youth players.
It will be a waste to spend many tokens on biddings you're not sure to win.

So concluded: sign for 21 tokens your youth player!!!!
That is what I would do