The Hoops spent lavishly in the summer in an attempt to avoid a relegation scrap, but failed to win a league game under Mark Hughes, resulting in his sacking and Redknapp's appointment in November. Technical director Mike Rigg also left the club this week.
The former Tottenham boss has been linked with moves for a number of players in January, but dismissed reports that he would be busy in the window and claimed he did not want to see the club's "pants taken down" by greedy players and agents.
"I don't have a clue who to go for, I don't want to spend their money really," he told reporters. "There's an awful lot of players at this club who earn far too much money for what they are.
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"I don't want to see the owners have their pants taken down any more than they have in the past, there's a lot of agents made a lot of money out of them and there's a lot of average players here earning... well, I fined a player last week and he was earning more than anybody was at Tottenham.
"They've got a stadium that holds 18,000 people, they shouldn't be paying these wages. We've got to be careful."
Redknapp also confirmed that the player in question was Jose Bosingwa, who was disciplined for refusing to take his place among the substitutes against Fulham last weekend.
"He didn't like being on the bench, he didn't feel like he should be a substitute so he went home," he revealed. "He's been fined two weeks wages. He got fined £130,000, which isn't too bad for two weeks is it?"
The 65-year-old was speaking after seeing his side go down to a limp 1-0 defeat at Newcastle, the first loss of his tenure at Loftus Road.
"I thought we were going to hang on and nick a draw," he said. "I couldn't see us winning but I thought we might get away with a 0-0.
"We defended hard, we had two centre-halves who gave everything, they're great competitors. If I could find a few more like them, we've got a chance."
Shola Ameobi struck in the game's final 10 minutes to snatch a win for the Magpies, just their second in the last 12 games in all competitions, and Toon boss Alan Pardew was delighted with a win that moves his side five points above the relegation zone.
"Obviously it's difficult when you're manager of a club as big as this to express how satisfying a win is of that importance," he explained.
"All my players and staff are hurting and it gives a little bit of feel-good factor to our dressing room and they deserve it today.
"He [Ameobi] has that calm head, knows what's demanded here to produce a quality goal and it won us the game.
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"But two wins in the last four Premier League games are starting to look like the right stats, and now we need to back that up against a top club."
Ameobi had replaced Papiss Cisse in the first half, sparking angry reactions from the crowd and the player himself, who initially refused to acknowledge his manager as he left the pitch.
"I did shake hands, I had to follow him down and got there eventually," he continued. "He was disappointed.
"Papiss wants to score goals, he's doing a job for us in the team that's worked for all of us in the last few weeks on the right-hand side and he's had chances but I just felt we lost our way, we were running out of ideas and he was jsut unfortunate that I chose him over Demba [Ba].
"That's why you have three or four strikers in your set-up, because one might not hit it on the day but one can come to the fore and that's what's happened today.
"Demba's had three good chances from the edge of the box and free kicks today and I was thinking maybe Papiss would get us a goal. I wanted to get Shola on the pitch and thank goodness I did, because it was a really class finish.
"He could have taken a shot with the right foot, which is his stronger foot, but that composure to have in that situation was first-class."