n.

1. The quality of being extravagant.
2. Immoderate expense or display.
3. Something extravagant. See synonyms at luxury.

noun

1. A condition of going or being beyond what is needed, desired, or appropriate: embarrassment, excess, excessiveness, exorbitance, extravagancy, extravagantness, overabundance, plethora, superabundance, superfluity, superfluousness, surfeit. See excess/insufficiency/enough.
2. Excessive or imprudent expenditure: extravagancy, lavishness, prodigality, profligacy, profuseness, profusion, squander, waste, wastefulness. See careful/careless, save/waste.
3. Something costly and unnecessary: extravagancy, frill, luxury. See save/waste.

n

Definition: indulgence; waste
Antonyms: economy, moderation, providence, saving, thrift, thriftiness

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IN BRIEF: The wasteful or careless spending of money.

An extravagance is something that your spirit thinks is a necessity. — Bern Williams.

Quotes:

"Where there is no extravagance there is no love, and where there is no love there is no understanding." - Oscar Wilde

"My candle burns at both ends; it will not last the night; but ah, my foes, and oh, my friends -- it gives a lovely light!" - Edna St. Vincent Millay

"I get so tired listening to one million dollars here, one million dollars there, it's so petty." - Imelda Marcos

"As to the rout that is made about people who are ruined by extravagance, it is no matter to the nation that some individuals suffer. When so much general productive exertion is the consequence of luxury, the nation does not care though there are debtors; nay, they would not care though their creditors were there too." - Samuel Johnson