It suggests doing something with urgency as if you won't get another chance. He spent money as if there's no tomorrow.
Pro Tip 2/3
Emotional Intensity
It can express a strong emotion, like joy or desperation, influencing one's actions. She laughed as if there's no tomorrow, forgetting her troubles.
Pro Tip 3/3
Hyperbolic Expression
This phrase is hyperbole, meaning it's an exaggeration not to be taken literally. They danced as if there's no tomorrow, thoroughly enjoying the moment.