I used to type out the minutes and the seconds manually, until recently, when i found out that it can be inserted automatically. Darn, if only i knew then. It really does pay to know the nittygritties of the software that you're using. :(
Virtually everyone I know was not aware of this feature so it's safe to assume that there are still a lot of folks out there who are still in the dark with this. Here's how you can do it. It's as easy as 1-2-3:
1. Ctrl+T (to Copy Time to clipboard)
2. Alt+Tab (to Word or whatever word processor you're using)
3. Ctrl+V (to insert timestamp)
Voila! There you have it, folks.