"I think in January the only transfer activity at this club will be players going out," he told the Echo.
"I've bought a lot of players. I have the option if we want to maybe bring in a loan player and I might recall one or two players from loans. Paul McShane has done well at Hull City and Anthony Stokes is getting games.
"Really, in terms of permanent deals, it will be players going out of the club. If players arrive it might be a loan or players coming back from loan.
"I always try to look at the football side of it, but I'm not daft and I know we've brought a lot of players in. I have to look at the number of players we have and the wage bill.
"If I've been guilty of anything it's probably that I've tried to do too much too soon, but I felt that was the right thing to do at that moment in time.
"I don't get bogged down with the financial stuff but I know that we've got a lot of players and, if players aren't getting games, or just the odd run-out in the reserves, then you have to look at it.
"It's a balancing act for me. At the moment I have eight or nine players out on loan and international players like Dwight Yorke and Liam Miller not getting games. Clearly we have to do something."