Prodigality (noun)

1. The state or quality of being prodigal; wastefulness; extravagance.
2. The act of spending money or resources lavishly and recklessly.

Origin:

From latin prodigalitas, from prodigus ("wasteful, lavish").

Examples:

1. His prodigality with money was legendary, he would spend lavishly on anything he desired.
2. The prodigality of the government"s spending led to the country"s economic downfall.
3. The young heir's prodigality was a source of constant worry for his frugal father.
4. The company's prodigality in advertising led to them quickly running out of funds.
5. The prodigality of the king's court was a source of resentment among the poor.