The Gunners have signed only Yaya Sanogo so far this summer and have seen two bids for Luis Suarez rejected by Liverpool.
Arsenal have also also missed out on several high-profile targets such as Luiz Gustavo who has moved to Wolfsburg and Gonzalo Higuain who has joined Napoli.
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"The perception that I am resistant to spending is unfair," he told reporters. "Why should I resist? I just defend the idea that you spend the money you have and not the money you don't have.
"For years I did that. Today we have more so we can spend more. It's as simple as that.
"Of course I am excited by that prospect but what I want to convince you of is that we are ready to spend the money if we feel that the players makes us a better team tomorrow morning.
"Maybe it's difficult to balance that in a newspaper but football is not only about that. It's bigger than that. It's about the team, the quality of the play, the spirit and togetherness and the quality of the players. Therefore we have to focus on all the rest as well."
Wenger also believes his side is buoyed by not losing any key players this summer having seen stars such as Samir Nasri, Cesc Fabregas and Robin van Persie depart the Emirates in recent seasons.
"What happened for years was the quality of our work has been taken away from us because the best players left for financial reasons," he added.
"For the first time this year that has not happened and I don't think it will happen again for financial reasons.
"We have made the first step. The next step is to strengthen the squad and the team by buying the right players."