I know that I should understand Apple\'s documentation for NSTimer, but I don\'t! I have also read a lot of questions about it but can not find one that suites my case. Well
That's a big order. But start with baby steps. You need to create a method in your class which, when invoked (every N seconds), will update the labels you want updated. Then you arrange for a timer to invoke that method every N seconds.
There are several timer variants you might use, but for this case the most straight-forward is probably NSTimer scheduledTimerWithTimeInterval:target:selector:userInfo:repeats:.
Write your method to look like - (void)timerFireMethod:(NSTimer*)theTimer and the selector for the timer method above is @selector(timerFireMethod:).