Time is important because it is scarce. When things are scarce, they become valuable because people can't get enough to satisfy their needs. Since no one can reclaim lost time, it's important to make the most of the time one has on Earth.
Most people like to make memories with family and loved ones to pass the time. They do this in many different ways. They visit family members at holidays and during special events. They also start families of their own and make memories with them.
With limited time, people like to enjoy their lives. They go to college, purchase homes and progress through their careers, so they can have an enjoyable life while they have time. There are also many people who are ill who long for more time with their family and friends. They may feel their time on Earth was limited, but they still make the most of the days they have remaining.
Although these societal events describe what many people do with their time on Earth, there are no absolutes regarding the best way to enjoy life. Some people find that living a non-traditional life is the best use of their time. They may travel the world or choose to spend their time with no worldly possessions. However, how they spend their time is their decision. What makes one person happy does not always make others happy.