“We might as well make the most of it.”
You're on vacation with your daughter. You were supposed to return home, but your flight was cancelled because of weather. Now you have to stay for another day. You've rescheduled your flight and there's nothing else you can do, so you say this.
We might as well make the most of it.
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(someone) might as well (do something)
Use "might as well" to talk about doing something that you didn't originally want to, but is now your best choice.
For example, if you wanted to wanted to go to sleep, but you can't sleep, you might think:
I might as well read a book.
Your first choice was sleeping, but reading a book is better than laying in bed without sleeping.
Here's another example:
A: There's so much work to do!
B: You might as well get used to it. That's how things normally are around here.
Read this lesson for a different explanation of how to use "might as well":
make the most of (a situation)
When a situation is bad, but you have a good attitude about it and work to make it better, you're "making the most" of the situation.
For example, if you're on a long, boring train trip, you can "make the most of it" by reading a book, taking a nap, or talking with the person next to you.