Toffees manager David Moyes has yet to bring in any new faces this summer and Arteta has admitted that he would like to see the squad strengthened.
However, the 29-year-old midfielder has also highlighted the importance of keeping the current squad together.
"Do we need to buy players? Hopefully, by the end of August someone will come in who will help but if that is not the case then we know what we have got in the team and we will have to fight," Arteta told BBC Sport.
"We know the situation at the moment. We cannot spend money like other clubs. That is sensible, even if it is not very popular.
"But at least we have been able to keep our best players. If we cannot sign new players we must keep the ones we have."