Life savings is a term for our stash, savings account, or our reserve.
So I see this as follows:
Spend your life saving.
Spend your life savings.
Spend your saving on your life.
Spend as much on life as on saving.
Save so we can spend.
Spend so we can have life.
Leave some savings for later.
Don’t leave any life for later.
“Provide yourselves with moneybags that do not grow old, with a treasure in the heavens that does not fail, where no thief approaches and no moth destroys.” Jesus