A simple way to work with this is to use the universe's simplest possible clock. Imagine two perfect mirrors with a single photon bouncing between them. One bounce is one tick of the clock. For the sake of some mathematics later, let's say the distance between the mirrors is 3 of your favourite units of length.
Let's both you and I take one of these light clocks. If we are standing still next to each other we will agree that both clocks are running at the same speed.
Now we start moving relative to one another, perpendicular to the direction the light in our clocks is moving. Ignore the acceleration, let's just say we have gotten up to speed instantly and made sure our light clocks are working. Now for every tick of my light clock you are moving 2 units of length.
From my perspective, my light clock is still running at the same rate it always did. But now I try to look at yours. Now you are moving 2 units while the light tries to travel 3 units parallel to that movement. From simple Pythagoras we can see that now your light has to travel 4 units of length for each tick while mine is still only travelling three.
But light always travels at the same speed; c. My clock is ticking every 3/c units of time. Yours now appears to me to be ticking every 4/c. That's notably slower. Your clock seems to me to have slowed down.
Except it isn't just your clock. Anything else moving away at that speed will show the same slow down. Just from the light clock model it is intuitive to see that most physical events will be similarly slowed down; for one thing it is a good model of how any charged particles interact to make things happen. That all events obey the same delay is fractionally harder to see, but not that hard to accept from here.
Watch what happens as someone starts to approach the speed of light. Time slows down more and more. Wikipedia has the
simple derivation which gives us an equation to describe the relative time;
The Delta-t's are the time for ticks, with the prime (') one representing the dilated time. As v
2/c
2 approaches 1 (so as v -> c) the bottom of the equation approaches 0 and so the relative time approaches infinity.