Ephesians 5:15-16 says that we are to "Walk circumspectly, not as fools, but as wise, redeeming the time, because the days are evil."
So, there's the command, but what does that practically look like?* I think that the clearest example of One who really "redeemed the time" was the Man who had the most to accomplish in the shortest amount of time: namely, the salvation of His Bride! Jesus is a prime example of what balance looks like in a life. He didn't shun social events to do "holy stuff." In fact, his first miracle (like many of his other great teachings and works) was in the context of a party (John 2:1-11)! He sometimes spent whole evenings healing people and casting out demons, with no obvious teaching involved (Mark 1:32-34). Following a night like that, though, He would slip off and pray (Mark 1:35), and then not yield to insistent crowds that clamored for his further attention (Mark 1:36-38). Though this would seem an exhausting pace that no other human could attain, Jesus also took time to sleep (Matt. 8:24), followed by both a miracle and teaching (Matt. 8:26). Other accounts, such as the Sermon on the Mount, in Matthew 5-7, focus exclusively on Jesus' teaching, while the end of each Gospel points to Jesus' atoning death and victorious resurrection. Throughout his life, death, and resurrection, Jesus also continually fulfilled prophecies.
In just a whirlwind overview of some samples from the Gospels (which are themselves just a sample of all of Jesus' life!), it is clear that there is not merely one kind of action that constitutes "redeeming the time." Rather, I believe that "redeeming the time," as seen in the life of Jesus, can be better viewed as a submission to God. In John 17, Jesus prays to the Father that "the time has come. Glorify your Son that your Son may glorify you" (v. 1), and "I have brought you glory on earth by completing the work you gave me to do" (v. 4). Later in John, on the cross, Jesus was able to cry out, "It is finished!" (John 19:30). He intentionally did everything that was in God's will for Him to do. Though He didn't do everything that others expected of him (become a political ruler, heal everybody, feed each crowd), He did walk circumspectly, redeeming the time, by doing everything that God had put before Him to do. He fulfilled every prophecy. He lived a life of full righteousness, which was bestowed on His people. He fully paid for the sins of His beloved ones. He completed all that He came to earth to accomplish.
As I strive to put Ephesians 5:15-16 into practice, I know that I must look to the example of my Lord. I must be sensitive to the Spirit and walk wisely.
I may need to ignore external voices that push me to work harder and harder, to try to do everything. "Work harder, do more, sleep less; it all depends on you!"
I may need to ignore the internal voice that says, "Mañana! Take it easy today, there's always more time. You just need to rest. And rest. And rest..."
I must be sensitive to the voice of wisdom, which says that sometimes I need to draw aside and sometimes I need to knuckle down. I need to be attentive to the voice of God, which says, "So whether you eat or drink, or whatever you do, do all to the glory of God!" (1 Cor. 10:31) There is no hard-and-fast formula which can measure when a life has too much of one activity or too little of another. Rather, a lifestyle of listening to the voice of God, guided by wisdom, is one that is circumspect.
*(For a great word study and some encouragement, you should totally check out this blog post: http://www.lifeofasteward.com/redeeming-the-time-a-closer-look/).
