Example sentences
wǒ我méi没yǒu有shí时jiān间。
I don't have time.
tā他hái还méi没lái来。
He hasn't come yet.
About this word
有 is "to have", and 没 makes it negative, so 没有 is "not have, there is not". The real lesson is that Chinese splits negation between 不 and 没: 不 rejects habits, intentions and qualities, while 没 rejects 有 and things that did not happen. 我不有钱 is impossible; 我没有钱 is fine, and in speech it usually shortens to 我没钱. 没 also handles the past, so 我没去 is "I didn't go" while 我不去 is "I'm not going". One bonus use: between two things, 没有 means "not as", as in 他没有我高, "he is not as tall as me".
The story behind the character
没
没 is 水 (water) beside a shape that began as a hand reaching into water and got scribbled into something like 殳. Xu Shen defined it 没, 沈也, to sink, and 沈 is just the old form of 沉. Something that has sunk is gone, and gone is where méi, not have, comes from. Two readings, one idea.
有
A hand (又) holding a piece of meat (月, here meaning flesh). Hold meat in your hand and you've got something. That's 有. The logic is bone-simple: if you're holding meat, you have.