How could I make this day/night cycle script more efficient?

As you've noticed (by how many questions I've asked) I'm a beginner on my 4th(?) day of learning how to script. For my current project, I have scripted this using some help with functions from the wikia. Although I'm very proud of what a useful script I've made, it however bugs me about the length and structure of the code. Could I get some ideas about the script and how to make it better and more efficient? For example - Should I use if hour % 24 == 0 instead of if hour > 23? Thanks in advance!

hour = 0
day = 0 
minutes = 0

while true do
	wait(1)
	minutes = minutes + 1
	if minutes > 60 then
		minutes = 0
		hour = hour + 1
	end
	game.Lighting:SetMinutesAfterMidnight(hour*60)
	if hour > 23 then
		hour = 0
		day = day + 1
	end	
	print("It is day " .. tostring(day) .. tostring(" and ") .. tostring(minutes) .. tostring(" minutes past ") .. tostring(hour))
end

Try this:

Minutes

while wait(60) do
	game.Lighting:SetMinutesAfterMidnight(game.Lighting:GetMinutesAfterMidnight() + 1)
end

Seconds

while wait(1) do
	game.Lighting:SetMinutesAfterMidnight(game.Lighting:GetMinutesAfterMidnight() + 0.0167)
end