I'm in the exact same boat as you! Just threw away a 2-0 lead at home to Spurs in my first prem match and drew 2-2, then threw away a 1-0 lead at Everton and lost 2-1, got QPR at home next so must win them games if I'm going to stay up.
Anyways, in regards to players, who you still got from the original team? I don't have many to be honest, but my team at the minute is:
GK - Kuszack
DL - Harte
DC - Blackett (had on loan first season and got on a free for 2nd)
DC - Vallejo (on loan from Liverpool)
DR - Richards (on a free as Man City released him)
DM - Gosling
CM - Kuzmanovic (bought from Inter for a couple of mil)
CM - Arter (awesome player but doesn't half moan about training!)
AMR - Sisto (I think that's his name, from some African country, 20 yr old and his stats are amazing, cost about £5 mil)
AML - Barnetta (free transfer)
ST - Schrijvers (record buy, £12 mil)
I've also bought Lewis Baker from Chelsea, Michael Keane from Man Utd and got James Wilson on loan again (got him first season too).
The main problem I find isn't wages (as I got an increase in what I could offer) but agents fees, I can only offer £1.5 mil but they always demand over £2 mil and lock it in so there's nothing I can do, nearly got Ward-Prowse but his idiot agent.
Anyways I'd recommend getting a lot of good youth and preparing for the worst, that's what I've done. If I get relegated I reckon I can make money on a lot of folk but still have top notch youth players for the Championship. I'm in the process of upgrading all youth, want to have an awesome academy, similar to Southampton.
Good luck though in the Premiership, hope I do stay up but like I say I'm preparing for the worst. Plus the Premiership pay day will do wonders for the club.