After downloading the mod, use a program such as 7zip or WinRAR to extract the main folder of the mod.
Drop that folder into the mods folder which is supposed to be in the game's installation folder (don't know where that is? click here)
BeardLib is optional for this mod, as it is only used for localization and auto-updates.
Color Picker is also optional for this mod. It is used to allow you to change the color of the HUD elements included in this mod.
If you do not wish to install Color Picker, you can still change the colors manually by editing your mod save file- see the description tab for more info.