squander (v.)
1580s (implied in squandering), "to spend recklessly or prodigiously," of unknown origin; Shakespeare used it in "Merchant of Venice" (1593) with a sense of "to be scattered over a wide area." Squander-bug, a British symbol of reckless extravagance and waste during war-time shortages, represented as a devilish insect, was introduced 1943. In U.S., Louis Ludlow coined squanderlust (1935) for the tendency of government bureaucracies to spend much money.