Despite admitting that the Merseysiders still have a lot of work to do this season, Baines believes that reaching the Champions League will give them more muscle when trying to add to their squad at the end of the campaign.
"It is hard because you don't want to get ahead of yourself and start thinking about the Champions League too much but we all know what it means to any club, particularly one who hasn't been competing in those circles for a long time," he is quoted as saying by Sky Sports News.
"It raises the bar a little bit and makes the club more appealing to potential signings and gives the manager, the chairman and the board a little more scope financially to push themselves in the market more.
"There are a lot of things that qualifying for a competition like that can do but there is still a lot of work to be done for us to get there."
Everton continue their Premier League campaign on Saturday when they make the trip to Sunderland.