The Eagles boss was quick to praise his side's gutsy performance during the 1-1 draw with rivals Brighton on Monday night, but admitted afterwards that new recruits will be needed.
Palace were second best for 70 minutes, but Wilfried Zaha produced a moment of magic 14 minutes from time to cancel out Neal Maupay's opener for Graham Potter's team.
It ensured Palace did not lose for a third consecutive time in this grudge match with the Seagulls, which dates back to the mid-1970s when the two clubs were promotion rivals from the old Third Division.
Hodgson was already without six players due to injury and suspension and confirmed makeshift left-back Jairo Riedewald was forced off at the break with a hip injury sustained the day before the game.
He also confirmed post-match Gary Cahill needed a minor operation on his knee injury and would be absent for the foreseeable future alongside Joel Ward, Patrick Van Aanholt, Jeffrey Schlupp, Andros Townsend and Riedewald.
The former England boss admitted to being happy to take a point, but will be even happier if the powers that be loosen the purse strings in the new year.
"I thought we needed to do it in the summer and didn't succeed in getting the players we thought were necessary to improve our squad then and nothing has changed," he said.
"Steve (Parish) and Dougie Freeman are on board with that so I am hoping that between us and the American owners, we can find a way to release some money because I don't think we will be able to bring in the quality of players needed to improve our squad on free transfers or loans."
Palace were indebted to academy graduate Zaha at Selhurst Park, who struck his third goal of the season to earn a share of the spoils.
It came from nowhere, but only highlights why Chelsea are chasing him in the January transfer window.
However Hodgson added that Palace are not bankrupt and again suggested the player will not be available to buy in January.