The Paisley manager has made just two signings this month after borrowing striker Adam Campbell from Newcastle for six months and snapping up Gregg Wylde following the winger's release by Aberdeen.
But he admits he has been frustrated after losing out on a number of other targets to big-spending rivals.
However, Lennon says Saints - who were forced to sell their old Love Street home to supermarket giants Tesco nine years ago in a last-ditch bid to clear B£2million debts - will not follow the likes of Hearts and Rangers into administration by spending wildly.
Lennon, whose side travel to Tynecastle to face the crisis-hit Jambos on Scottish Premiership duty on Wednesday, said: "January has been a frustrating month. It's been busy and we have identified a few players that we want to come in and help the group.
"Unfortunately our club doesn't have the deep pockets that others have and we have lost out on one or two players.
"But I would rather remain debt free and make sure that we live properly than go out and spend money on players.
"The group of directors we have here have got this club into a solid footing and I can't see St Mirren ever going into the type of trouble it was in 10 years ago again.
"You just have to look at the position some other clubs are in at this time to see what can happen but that certainly would not happen at this club."
Lennon is, however, still hopeful of bringing in a couple of late signings ahead of Friday's transfer deadline if his budget will allow it.
"I'm quietly confident," he said. "But nothing is guaranteed and I would never panic by buying someone just for the sake of it. I'll only bring in someone if I think they will improve us.
"But even if we don't sign anyone, we have enough in the squad to keep us going for the rest of the season.
"Gary Teale is making slow progress towards a return from his groin problem. He seems to take two steps forward then one back.
"But Stephane Bahoken is making good progress from his thigh injury and should be back by early next week, while Kenny McLean is on his way back from knee surgery, so they will all help with the quality we have once they are fit again."
- Sports & Recreation
- Gregg Wylde