Albert Barnes Commentary Colossians 4:5

"Walk in wisdom toward them that are without, redeeming the time." — Colossians 4:5 (ASV)

Walk in wisdom. That is, upright and honest conduct. Deal with them on the strictest principles of integrity, so that they may not have an occasion to reproach the religion that you profess.

Toward them that are without. Outside the community of the church, or who are not professing Christians. (See Barnes on 1 Corinthians 5:12).

They were surrounded by heathens, as Christians now are by men of the world. The injunction is one that requires us to act with prudence and propriety (en sophia – in wisdom) toward them; and there is, perhaps, no more important direction in the New Testament than this. Among the reasons for this are the following:

1. Men of the world judge religion not from the profession, but from the life of its followers.
2. They judge religion not from preaching, or from books, or from the conduct of its Founder and his apostles, but from what they see in the daily conduct and way of life of the members of the church.
3. They understand the nature of religion well enough to know when its followers are or are not consistent with their profession.
4. They set a much higher value on honesty and integrity than they do on the doctrines and duties of religion. If professed followers of religion lack truth and honesty, people of the world think they have nothing of any value. They may be very devout on the Sabbath, very regular at prayer meetings, and very strict in the observance of rites and ceremonies—but all these are of little worth in the world's estimation unless accompanied by an upright life.
5. No professing Christian who does not live an upright life can possibly do good to others. If you have cheated someone out of however small a sum, it is futile for you to talk to them about the salvation of their soul. If you have failed to pay them a debt when it was due, or to finish a piece of work when you promised it, or to tell them the exact truth in conversation, it is futile for you to try to persuade them to be a Christian. They will feel, if they do not say—and they might very properly say—that they want no religion that will not make a person honest.
6. No one whose own life is not upright will attempt to do much good to others. They will be aware of the inconsistency and will feel that they cannot do it with any sense of propriety. The honor of religion, therefore, and the salvation of our fellow human beings, demand that, in all our interactions with others, we should lead lives of the strictest integrity.

Redeeming the time. (See Barnes on Ephesians 5:16).