profligacy

[See Profligate, a.]
The quality of state of being profligate; a profligate or very vicious course of life; a state of being abandoned in moral principle and in vice; dissoluteness.

noun

1. Excessive freedom; lack of restraint: dissoluteness, dissolution, libertinism, license, licentiousness. See restraint/unrestraint.
2. Excessive or imprudent expenditure: extravagance, extravagancy, lavishness, prodigality, profuseness, profusion, squander, waste, wastefulness. See careful/careless, save/waste.

The noun has 2 meanings:

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

Meaning #2: dissolute indulgence in sensual pleasure
  Synonyms: dissipation, dissolution, licentiousness