Profligacy

[Sarah]

The quality of state of being profligate; a profligate or veryvicious course of life; a state of being abandoned in moral principleand in vice; dissoluteness.

[Sarah]

–noun
a)1. shameless dissoluteness.
2. reckless extravagance.
3. great abundance.
b) 1. license
source: dictionary.com

[Sarah]

Having a characteristic of whimsical spending, without paying regard to economy.