The transfer budget is quite low so you need to try to sell most of the weaker players to get rid of the wages. I think i managed to get about 2.5m for transfers after selling players. i sold nunez, painter, sam, bruce and loaned bromby out.
The players that were good for me were parnaby and lualua on free transfers. miyachi on loan from arsenal and the only player that i signed was verratti for 1.5m and he is still in my squad and has played nearly 500 games.
Yeah I agree on Verratti he is a beast for me with QPR and also try to get some loanees from the PL until you achieve promotion to save some money. I don't know about your assistant's stats but I usually look for 1st team coaches in the PL and snap one of them up as my assistant. Good luck !