When you live it up, you have fun and enjoy your life through certain activities or splashing out (spending a lot of money). It involves doing more pleasurable things than usual. It may or may not involve wastefulness and decadence.
1. When you go on a honeymoon or celebrate your birthday, those are special moments where you would want to live it up. You may splash out and treat yourself to activities and things that are normally not within your budget. When do you like to live it up?
2. There is an expression, "Work hard, play hard." Many people face their responsibilities during the week, and then on weekends "play hard". They live it up. That might involve adventure or extreme sport activities, traveling or especially partying.
3. If you somehow came into possession of an incredibly large sum of money, would you start living it up... or would you try to be a sensible as possible with the windfall and invest it, keep it as a nest egg or save it for a rainy day?
4. It is an unfortunate reality that most leaders and rulers use the population's money to live it up. I'm sure everyone could give detailed examples of how corrupt politicians have lived it up on taxpayers' money, throwing lavish parties and siphoning off money for their own personal use.
5. Brazilians will get the chance to really live it up this year during the World Cup soccer. Since not much attention has been given to the transportation infrastructure within cities, to alleviate the traffic on the roads, whenever a match is held in a specific city, that city will have a public holiday on match days. This year, we'll get to live it up as we have more public holidays than usual!