Toffees boss David Moyes have only managed to sign Leighton Baines, Phil Jagielka and Steven Pienaar so far this summer.
Cahill told The Sun: “It’s very difficult in the transfer market at the moment and a lot of clubs are struggling to make good quality signings.
“But the fact that we’ve got Leighton shows great ambition.
“Unless you’re aiming at the top end of the market and spending over £10million on each player, it’s very difficult to compete.
“But we’re quite happy with the squad and the way things are shaping up so far.
“And there’s no way the gaffer will be making any desperation signings.
“The lads want to get their heads down and work, and we’ll bring in new signings when the time is right.”