The phrase "this is the life" is often used to express excitement or contentment with the current situation. There are several synonyms that can be used to convey the same sentiment, such as "living the dream," "enjoying the good life," "living it up," "savoring the moment," "embracing life," "basking in bliss," and "having the time of my/our lives." Each of these phrases conveys the idea that one is experiencing a joyous or fulfilling moment, and highlights the importance of living in the present and appreciating life's simple pleasures.