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Jewell had been chasing the former West Ham player for nearly a year and it was when he first enquired about his availability that the £1m value was slapped on him.
The price had dropped to £500,000 by last week because of Posh's financial troubles but it still took some hard bargaining to beat them down further and bring Bullard to Wigan.
It was further proof that Latics no longer pay over the odds for players and Jewell took a swipe at those who still label the club as huge spenders.
He said: "It wasn't easy getting Jimmy here and it has been a long hard week.
"In the end it was a good piece of business and I got a call off someone on Friday night whose club were also in for him who couldn't believe we had got him for such a price.
"I first asked Barry Fry about him last year and he was talking £1m then, let alone £500,000.
"The only reason they sold him cheaply is because the club are struggling financially.
"With Jimmy, we've got a good footballer who is bright and lively, and intelligent on the ball. The midfielders we have got are all quite similar in that they work hard, but Jimmy has got a better range of passing than anyone.
"He will benefit the likes of Gary Teale and our strikers.
"Having brought him in, people talk about us being big spenders but now that Ged Brannan and Dave Beasant have gone, we've only got 18 pros.
"I get a bit fed-up when people describe us as big spending Wigan. This season I had only spent £165,000 before bringing Jimmy in."
Despite a lively performance, Bullard was unable to make it a winning debut against a resolute Cheltenham side.
Latics never found top gear but had the consolation of maintaining their 12-point lead at the top of the table after the four sides below them all drew.
Jewell said: "We lacked a little bit of quality with the final ball but I didn't go in ranting and raving at the players.
"Cheltenham came here for a point and you've got to give them credit for doing their job.
"I have played in teams and managed teams where we would have lost that game 1-0, so a draw was better than nothing."
The playing surface again came in for criticism, with new Cheltenham boss Bobby Gould admitting it had been a welcome leveller for his side.
He said: "I would just like to say to Dave Whelan that with all the money he has got I think he should give his team a decent pitch. It is a shame to see Wigan play on that because they are a great footballing team."
Jewell responded, saying: "I'm sure Mr Whelan won't be too interested in what Bobby Gould has to say."
Article from the Wigan Evening Post.