In plain words
The subtlest part becomes the life-breath. So it is through the principle of these two, water and food, that man's life is able to attain divinity. "Annam Brahma," they said. If you waste food, you become one who has wasted divinity. So, as far as possible, eat only as much sāttvic food as you need, and give what is left to someone and do a kindness.
The second is money. All Bhāratīyas look on it as a form of Lakṣmī. They said it must not be misused. When we misuse it, only bad feelings and bad thoughts grow in us. So we must put money to good use. Do not waste money. "misuse of money is evil," they said. It only leads one down the wrong path. Then the third, most necessary and most important, is time. We must not waste time. We must make time fruitful. For everything depends on time alone. That is why in the Śruti: kālāya namaḥ, kālakālāya namaḥ, kāladarpadamanāya namaḥ, kālātītāya namaḥ, kālasvarūpāya namaḥ, kālaniyamitāya namaḥ; all depends on time itself. For man's birth and death too, the root cause is time. For us to be born and to grow up too, time is the measure. If we waste time, life itself goes to waste. So time itself is our chief life-breath. Do not go into idle talk and into criticism of the good and bad of others and defile your time. They said "don't waste time" only so that we would put time to good use, and not let it into such bad thoughts and bad ways. They said, "Do not waste time." The fourth is that we must not waste our energy, the energy of body and mind and the spiritual energy too. How does it go with this energy? In seeing evil too, energy is wasted. In hearing evil too, energy is wasted. In speaking evil too, energy is wasted. In thinking evil thoughts too, our energy is wasted. By doing evil deeds our energy is wasted. So its inner meaning is that you should follow the right path in these five, develop your energy and change it into divinity.
See no evil, see what is good Hear no evil, hear what is good Talk no evil, talk what is good. Think no evil, think what is good Do no evil, do what is good This is the way to God.