Megson believes his current squad is not strong enough to keep their heads above the drop zone and will seek funds during the transfer window.
Despite spending a club record £10m on Johan Elmander in the summer, as well as £5m on midfielder Fabrice Muamba, he insists he doesn't have the numbers to ensure safety.
"We probably have the smallest squad that has ever been in the Premier League and we have got to bring players in," said Megson.
"We had five bookings against Middlesbrough and it will be a problem when we've got to cope with suspensions.
"I don't know if I'm going to have much money to spend, but we have got to find it.
"It's like pruning the rose tree. We've done a lot of that and now we need to let it grow a bit.
Struggle
"We are doing okay, but we need a bit more."
Despite coming under heavy criticism from Bolton fans this season, Megson has turned the club's form around in recent weeks.
Victory against Boro last Saturday was their third win in their last four games. Their only defeat came in a hugely heartening performance against Liverpool.
It leaves them just five points off the top six, but four off the relegation zone.
Megson has been handed funds since he took over at the Reebok in October last year.
As well as Elmander and Muamba, he spent £5m on Gary Cahill and £3.5m each on Gretar Steinsson and Matthew Taylor.
But he has also brought money in with the £15m sale of Nicolas Anelka to Chelsea, and El Hadji Diouf's £2.5m switch to Sunderland.
Despite being allowed to break Bolton's transfer record in signing Elmander, Megson insists his expenditure has been modest compared to their Premier League rivals.
"Elmander cost serious money from Bolton's point of view - but not from football's point of view," he said.
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