Am I Over Bidding For CPC?

So I signed up for Facebook CPC to advertise a business, I loaded the ad up and within an hour I had already hit my budget for the day. After 14,000+ impressions I already got a ton of clicks, costing me my daily budget. I had set the max bid just a few cents below the “recommended”.

Is that recommended bid a good place or so they put a higher number so that I bid high and they get paid more?

Now would it make more sense to lower my Cost Per Click so that I am not paying out a few clicks at a high cost, which eats up my budget?

Would it make sense to have a lower max and get maybe a few less impressions but atleast I can display ads all day?

Let me know if anyone else has some experience with this.

Thanks in advance.

I ran $20 test on facebook, the suggested bid per click for my ad was $1.18 I went for $0.50. Well, it took a while to hit my daily, so yes their number is a bit inflated but on the other hand it’s not. It just boils to how many clicks you want in a day. If you want IDK say 10000 then yeah every bit of the suggested bid, but if you want like 50 clicks then you of course you can bid much lower than the suggested.