By the way, what is your definition of "a lot of money"? And, how do you know this to be fact?
I can't tell you how much money you're losing because I don't know anything about your industry, your keywords, etc. I do know this is a fact though, based on my 8 years of advertising online, managing 100s of different PPC ad campaigns, and spending 5k+ a day on Google AdWords. Do your own testing and you'll see that I'm right.