Ephesians 5:16 reads, "Redeeming the time, because the days are evil." My question is what exactly is meant by "Redeeming the time"? Is this to mean that we are not to be wasting our time with temporal matters and pleasures when we could be studying the Bible?
Studying Scripture is not mentioned
per se by Paul, but he does say that we "redeem the time" when we
walk as wise men, understanding what the will of the Lord is (v.15,17). Certainly studying Scripture aids us in understanding the will of the Lord, but it is not the reading of Scripture itself (nor any other spiritual work) that redeems the time, but rather our understanding of God's will (and presumably our doing it). Paul echoes this guidance in his Epistle to the Colossians:
Conduct yourselves wisely toward outsiders, making the most of the time (Colossians 4:5, RSV)
This verse and the preceding verses (especially v.14,
Awake, O sleeper ... Christ shall give you light, also pointed out by someone else on the thread) brings to my mind the Gospel passage,
[VERSE=Luke 11:34-35,RSV]Your eye is the lamp of your body; when your eye is sound, your whole body is full of light; but when it is not sound, your body is full of darkness. Therefore be careful lest the light in you be darkness [/VERSE]
As for the word "redeem" and the other translations cited, the Greek word is
eksagorazo. In addition to Colossians 4:5, it also appears in Paul's letter to the Galatians, where I think most versions translate it as redeem, regardless of how they translated Ephesians and Colossians:
[VERSE=Galatians 3:13, RSV]Christ redeemed us from the curse of the law, having become a curse for us—for it is written, “Cursed be every one who hangs on a tree”—[/VERSE]
[VERSE=Galatians 4:5, RSV]But when the time had fully come, God sent forth his Son, born of woman, born under the law, to redeem those who were under the law, so that we might receive adoption as sons[/VERSE]
The word is also used in the Septuagint to mean "gain time" (i.e. stall for time, Daniel 2:7-8 LXX) and was used by at least one Church Father (the writer of the Martyrdom of Polycarp) to mean "purchase".