I didn't up my bid. I spent time looking at all the options available to me, decided i wanted the most basic start i could get (did the same in Star Citizen, i like building my ship/char up from the base) but i also was wanting the same type of game experience we had in Frontier and FFE, so that means planetary landings, which means expansions.
I also didn't want any physical goods, on ethical (Chinese/Indian child sweat shop) or environmental (more produce = more pollution) grounds, so wanted an all digital option.
So £80 it was, which is about the most i've spent on a game (including a few expansions).
What i plan to do at a later date, and this depends very much on what kind of Elite experience Elite: Dangerous is for me (if i like it or not, if the SP is too weak due to the MP etc), is donate extra for each expansion pack as they come out and i try them, even though my bid covers all of them.