The former Tottenham boss, who has taken over at Loftus Road, says if he can get his team to start playing then the club can avoid having to spend big in January
The Rs remain rooted to the bottom of the table, without a win and suffered yet another defeat at Old Trafford on Saturday against Manchester United, despite taking the lead in the game.
Redknapp, who has previously helped save Portsmouth from the Premier League drop on two occasions, watched his new side from the stands against Sir Alex Ferguson's men, and lays the blame for the club's current predicament with the players.
"The players at QPR have not performed to their potential," he told The Guardian.
"The players have to be at it, the buck stops with them. I didn't tell the club I wanted money to spend, I have not even discussed that situation.
"There are some good players here and if we can get them performing then come January, we might not need so much."
Redknapp has experienced relegation from the top-flight before, when Southampton dropped to the Championship back in 2005, but he believes his new QPR side can avoid a similar fate.
"We are rock bottom and we have to try and get up that table. I remember when I was at Portsmouth and we stayed up with a game to go at Wigan, it was the most fantastic feeling," he added.
"The club had a good manager in Mark Hughes but for whatever reason it did not work out. We now have to produce in the last two thirds of the season to try and get out of trouble."