The Reds have spent big over the last few transfer windows, but Freedman won't have the opportunity to do that.
Forest are struggling to comply with Financial Fair Play regulations and, as a result, the Scottish boss believes this summer will be about balancing the books rather than bringing in high-profile players.
"Unfortunately we've got to balance the books so it's no longer a summer of buying three or four players and having a go at it," he said. "For the first time since the chairman has been here we have to balance it a bit.
"It's just unfortunate for me that it might be too exciting in terms of signing lots and lots of players, but it might be shrewd investments coming into the football club."
The good news for Forest is that their squad is already one of the most talented in the Championship, so not too many new additions will be required to turn them into promotion contenders.
There is no doubt that the Reds have under-performed this term, but they still have a number of proven talents and should be in with a chance of mounting a promotion push next term.
Freedman has also shown his ability to work on a budget before. At Crystal Palace, he was responsible for bringing in the likes of Mile Jedinak, Yannick Bolasie and Joel Ward and the hope is that he can show his eye for talent again this summer, considering he will be working on a shoestring budget.