During pre-season, you can arrange friendlies at home with higher reputation teams which will bring you some much-needed revenue. Italian clubs are usually up for a prestige friendly.
If your wage bill is exceeding your wage budget you can increase it by reducing your transfer budget. When you are negotiating new or renewed contracts, knock their opening request down a couple of notches - not by much, just a little. If they don't agree, you can offer future incentives like an increased wage for promotion or after 50 matches, etc. by which time you will hopefully be in better financial shape. Consider selling a player for whom you'll get enough money to strengthen your squad with younger players with greater potential ability.
You need two players per position with a couple of utility players and a handful of up-and-coming youngsters. If you have three left-backs, sell one of them for as much as you can get. For the longer term, develop a strong youth academy to generate your own players. This will reduce the number of players you'll need to purchase each season and will help to concentrate your transfer budget on fewer, better targets. And in the meantime, loan players in from other clubs and look to pick up free transfers from the "Unattached" list and by coming to pre-contract agreements with players whose existing contracts with other clubs are about to expire. Consider the ages of your players; if you know you need a new centre back and you have an 18 year-old who is not quite ready, you can bring in a 30 year-old to play for a couple of seasons until the younger guy is ready. If you sign young players with the future in mind, you can loan then back to their original club (as part of the purchase negotiation) to leave them there before bringing them into your squad, perhaps while an older player plays out his contract.
Be prepared to sell your darlings! In FM14, I had a striker called Kingsley Idris who was a product of my Southampton youth academy. He was a quick, skilful left footed striker with a knack of scoring spectacular volleys. But a few seasons later, I had an even better player coming through behind him and I couldn't accommodate both of them - so I sold him to Monaco for a stupid amount of money and reinvested in other areas of the team. Oh... and we went on to win the European Champions' League
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