They have been quite frugal for sometime now, their net spend over the last 5 years (not including this transfer window) is less than Brighton's.
https://www.football365.com/news/europe-football-net-spend-liverpool-manchester-city#:~:text=12) Real Madrid.,a couple of first-teamers.
Liverpool are 29th.
Also, RM have taken their salaries way down to only being £312m only £2m more than LFC but having 40% more in turnover ( at €757m, highest in Europe)
https://www.sportbible.com/football...-bills-for-201819-have-been-revealed-20200306
Their cash balance was €155m. So at the moment they look to be one of the best run clubs in Europe.
https://www.sportspromedia.com/news/real-madrid-profits-revenues-2018-19-season
Didnt they spend about £300m last summer? I cant think of any major sales last year that would offset that