How do you use a wizard 101 elixir?

Answer 1

It goes into effect immediately when you purchase it.

Answer 2

In Wizard101, elixirs are consumable items that provide temporary boosts or effects to the player's character. To use an elixir, simply right-click on the item in your inventory and select the "Use" option. The effects of the elixir will then be applied to your character for a limited duration, such as increased health or mana regeneration.