A lifestyle and/or state of being in which a person's lowly economicalstanding in society is both celebrated and embraced.
Nick had been out of work for nearly a year, but not by choice. Not letting that discourage him, he scrapped, food-stamped, hustled and did what he had to do. Nick was certainly living the BumLife.
A street gang of traveling funky dirty kids, whom embrace the existence of bugs. It is not uncommon for bugs to be living somewhere on their body, or at least passing through, or even being eaten as a nutritious snack. They like to live for free as much as possible (like bugs do), but it wouldn't be unusual to find one spanging people to buy some booze.