What is the meaning of there is a time and place for everything?

It means that everything in the world has its own life, its own place of existence. The phrase is typically applied when somebody has asked the point of/the reason for something - the answer being "there is a time and place for everything".

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Or, for example, when in school, if you do your math homework in English, the teacher might take offense and say, "There's a time and place for everything, but now is not one of those"