“Redeeming the time” (KJV, literally) probably means “making the most of the time”; cf. Ps 90:12. The LXX of Daniel 2:8 uses the phrase for trying to gain a delay. (The other possible interpretation is bringing redemption to the present evil age.) That a “time of evils” would affect how the prudent behaved is also expressed in Amos 5:13. In Jewish tradition “wisdom” and “foolishness” had much more to do with morality than they did in pagan thought (e.g., Jer 29:23).
Keener, C. S. (1993). The IVP Bible background commentary: New Testament (Eph 5:15–17). Downers Grove, IL: InterVarsity Press.