Both Uses

redeem
in
Flags of Our Fathers
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Blood and redemption.†
Chpt 2.
Which was a swell sermon made me cry to think I was once a fool but glad and happy to think that I have redeemed myself before my Lord.†
Chpt 4. *

Definitions:

(1) (redeem as in: its main redeeming quality is...)
to make up for something bad; or to save
(2) (redeem as in: redeem the coupon)
exchange, convert, or pay off
The exact meaning of redeem can depend upon its context. For example:
- "to redeem a coupon" -- exchange something for something else of value
- "to redeem stock" -- sell or convert to cash
- "to redeem a mortgage" -- pay off a loan
(3) (meaning too rare to warrant focus)
In Christianity, redemption is used to reference Jesus' sacrifice to make up for human sin.

Old usage (as might be found in the Bible or in Shakespeare) also uses redeeming time to refer to making the best use of time.