One way to save a lot of money is scouting. Sending scouts to other countries may help your squad buy both good and cheap footballers. This move requires investments, but it'll be profitable.
Location - Choose country or whole continent.
Role - main position we are looking for - Striker, Midfielder, Defender, Goalkeeper.
Position - detailed position, for example: left winger, defensive midfielder.
Duration - time for searching. Longer scouting cost more money, but we'll get better results.
Second method of signing young players is Youth Academy in the club. Youngsters have poor skills, but have some potential. To sign beginners just offer them a contract with low salary.
Some attributes are hidden. Pick a youngster for a match and play with him from time to time. After a few matches attribute will change from a question mark to a certain value.