The above translation is common, but I always thought it was not ideal. The much more common use in french for "perdre" is not "to waste", but "to lose", as in

The above translation is common, but I always thought it was not ideal. The much more common use in french for "perdre" is not "to waste", but "to lose", as in "The time you lost ...". I think this captures the spirit even better, since the time sure is lost, but not wasted.