Lived a bit wastefully? (3)

I believe the answer is:

was

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'lived' is the definition.
('be' can be a synonym of 'live')

I don't understand the rest of the clue.

(Other definitions for was that I've seen before include "Did live" , "'Is, in the past (3)'" , "Is no longer" , "(I/he/she/it) existed" , "Lived" .)

I've seen this clue in the Evening Standard.

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