If you want to use 4000 series CMOS, you could use a 4518 dual BCD counter. Use one of the counters in the package to count 0-9 seconds. Set up the other to count tens of seconds, having the counter reset itself to zero (by adding an AND gate) when it reaches "6". You can get the 4518BE from Digi-Key for less than $0.50US ea. You could use another 4518 to count your minutes.
Also, while a 555 can be used for great many things, if you use it for a 1-second timebase in this app, you'll probably find yourself spending a lot of time resetting your clock to keep the time correct. IMHO, a better way (although a bit more expensive) would be to use a crystal oscillator and divide the frequency down to get your 1-second timebase signal. For instance, use a 1MHz crystal oscillator and divide it with a string of 4518's ... you'll only need 3!
Hope this helps... JB