Carson Yeung has pledged between £20 million to £40 million will be available to manager Alex McLeish.
"It's not about quantity or how much money you spend," McSheffrey told the Birmingham Mail.
"It's about getting the right players, good players out there who won't necessarily cost a great deal of money.
"There have been some great free transfers who have come off at certain clubs in recent years for example.
"It's opinions, of course, and the more money you have the more chance you've probably got. But it's about bringing in the right type of players."