Besides having multiple budget plan strategies, there are several other concepts that you need to keep in mind throughout the auction regarding your budget and how you bid on players in the market:
Spend Everything You Have
In almost every auction format, the money that you have left in your budget is worthless once your roster is full (some leagues do allow you to roll over or add extra dollars to free agent bidding money to be used during the season). Since a dollar not spent is worthless to you, make sure that you plan to spend every single dollar you have. Waiting too late to spend big bucks can force you to overspend on a player late in the auction, which is very much a waste. Dollar guys are dollar guys for a reason, so let them be only worth $1.
Avoid Bidding Wars
One of the biggest mistakes a fantasy team owner can make during an auction is to get into a bidding war. Well, let me qualify that - the biggest mistake the owner can make is to get into a bidding war and win it. Getting a player for way too much will not only cost you too much value against that player but it will hurt the rest of your team because of the budget implications. Even if you are fortunate enough to lose the bidding war - and believe me, the loser is the winner here - the emotional aspect of a bidding war can cloud your judgment and leave you open to make additional mistakes during the auction. Keep a cool head and do not get into a bidding war no matter how much you love a player. Not falling in love with players and avoiding situations where there can be a run on the last stud at a given position should keep you out of harm's way.