The 14th-placed Clarets have exceeded expectations so far this season with their hard-working squad - assembled on a shoestring compared to the rest of the top flight.
However, with more than half the season to go Coyle knows they cannot afford to rest on their laurels. But with the transfer window approaching he will not be able to make big-money signings to strengthen his squad.
Coyle will aim to make do with the odd bargain buy and loan signings, having already been linked with a bid to bring in young Arsenal midfielder Jack Wilshere on a temporary deal.
"Mick McCarthy nearly fell off his chair laughing when I told him what our budget was,'' said Coyle. "If we have money to spend we will try to spend it but, if not, we will make a fist of it as we always do and give it 100% every match.
"And although I am loathe to speak about other teams' players I think it is fair to say that Arsene Wenger knows the regard I have for the player (Wilshere).
"We had a chat and we will take it from there,'' said the Scot. "Arsenal have been blighted by injuries so there are things they may have to look at. I would also suggest there is more than Burnley that will be admirers of Jack Wilshere.
"He is a gifted individual who will continue to get better and I believe he will become an Arsenal regular and a full England international.''
Burnley are pulling out all the stops to try to ensure the Boxing Day visit of Bolton can go ahead. Heavy snow in the north west, with more falling on Tuesday, has made the area surrounding Turf Moor hazardous for cars and pedestrians.
"The undersoil heating is on at Turf Moor in preparation for the game and no problems are anticipated with the playing surface,'' said a club spokesman. "The club's main car park is in the process of being swept and gritted and club staff will continue to work to ensure surrounding pathways are clear of snow and ice.''
Coyle admits the weather is playing havoc with his match preparations.
"There is no doubt in terms of preparation you want to be on the grass, making sure the players are working hard on the training ground,'' he said. "We weren't able to do that last week prior to the Wolves game because the training ground was snowed off - and it still is.
"We will have to go indoors again and hopefully the weather picks up. When you look the bigger clubs who have a greater infrastructure they have their own facilities under cover. We are not afforded that luxury but we'll make the most of what we've got.''