prodigality

1. Extravagant wastefulness.
2. Profuse generosity.
3. Extreme abundance; lavishness.

[Middle English prodigalite, from Old French, from Late Latin prōdigālitās, from Latin prōdigus, prodigal, from prōdigere, drive away, to squander : prōd-, prō-, for, forth; see proud + agere, to drive.]

noun

Excessive or imprudent expenditure: extravagance, extravagancy, lavishness, profligacy, profuseness, profusion, squander, waste, wastefulness. See careful/careless, save/waste.

The noun has 2 meanings:

Meaning #1: the trait of spending extravagantly
  Synonyms: extravagance, profligacy

Meaning #2: excessive spending
  Synonyms: extravagance, lavishness, highlife, high life