The verb squander means to waste money, supplies, or opportunities by not applying them to your benefit. 

Synonyms are lavish, waste, misuse, or consume.

The word origins in 1580s meaning “to spend recklessly or prodigiously”. In 1593, Shakespeare used it in “Merchant of Venice” with a sense of “to be scattered over a wide area.” In 1943, Squander-bug, represented as a devilish insect, was introduced as a British symbol of reckless extravagance and waste during war-time shortages.

Some government officials squandered money on failed programs.

He squandered his allowance spending on unnecessary things.

He promised to his family that he will not squander his inheritance.