The former Tottenham manager hit out after Saturday afternoon's 1-0 Barclays Premier League defeat at Newcastle.
Asked about his plans for the January transfer window, Redknapp said: "I don't want to spend their [the club's] money, to be honest with you. There are a lot of players at this club who earn far too much money for what they are; far, far, far too much money for their ability and what they give to the club."
He added: "I don't really want to see the owners have their pants taken down like they have in the past. There's a lot of agents made money out of them.
"I fined a player last week and he was earning more than any player earned at Tottenham. You shouldn't be paying massive wages when you've got a stadium that holds 18,000 people.
"This club [Newcastle] holds 52,000 and most of their players will be nowhere near some of the wages some of the players are earning here."
Redknapp also confirmed that full-back Jose Bosingwa had been fined a fortnight's wages after refusing to sit on the bench for last weekend's 2-1 victory over Fulham.
He said: "He didn't want to be on the bench and didn't want to be a substitute, so he went home. He has been fined two weeks' wages, £130,000. Not too bad for two weeks, decent isn't it? Not too bad for playing on a Saturday, it's okay."
Asked how he might handle a player like that, Redknapp said: "We'll find out in January."
Rangers are one of a series of clubs to have been linked with Newcastle striker Demba Ba, whose well-publicised release-clause could spark a scramble for his signature. But Redknapp said: "We've not got £7million to spend on a player, I'd have thought."
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