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prodigality (n.)

"quality of being prodigal; reckless extravagance in expenditure," mid-14c., prodigalite, from Old French prodigalite (13c., Modern French prodigalité) and directly from Medieval Latin prodigalitatem (nominative prodigalitas) "wastefulness," from Latin *prodigalis, from prodigus "wasteful" (see prodigal).

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Definitions of prodigality from WordNet

prodigality (n.)
the trait of spending extravagantly;
prodigality (n.)
excessive spending;
Synonyms: extravagance / lavishness / highlife / high life
From wordnet.princeton.edu