I agree with this.
However, you should not be bidding for 1st position with the highest bids possible. 1st position costs 25% more than 3rd position and doesn't necessarily have an arguable CTR or Conversion rate.
What keyword types are you advertising on? This is going to make a SUBSTANTIAL difference in how much you are spending.
Are your keywords major head terms for "HP Printer" or are they a little more focused like "Refurbished Laserjet Printer" -- as this second one is probably not as broad as the first, the chances are higher that it will cost less.
But the specifics of your account aside, what is it you are ultimately using AdWords for? Are you research or ROI focused? Because if this is going to stick around a little longer than a one time test, we need to discuss your processes to lower costs over the lifetime of the account.
My colleague Kristina Kledzik wrote a really strong post about how to integrate PPC into your online marketing strategy, and one of the major CTAs toward the end was "Don't give up. Try it for at least 6 months" before you can determine that PPC isn't profitable.
The takeaway is that PPC is hard work, and to make the best decisions for your business you're going to need to dedicate a lot of mental space to making sure it runs smoothly. You don't have to spend a lot over your test times, but you do have to be committed to attempting to make keywords work.