"money squandering" is correct and usable in written English
You can use it when you are referring to the reckless or extravagant spending of money. For example: "He was arrested for money squandering after years of lavish spending."
His earliest memories of his parents were of welfare money squandered on drugs.
For countless others facing financial straits, money squandered on losing tickets just made matters worse.
Who, for instance, might take the blame for the problems of the banks, or the money squandered by the special corporations?
The money squandered in the failed launching could have bought 2.5 million tons of badly needed corn, Mr. Lee said during his regular radio speech.
If the Communist Party used the money squandered on billboards glorifying President Jiang Zemin on these drugs, it could save many thousands of lives.
Research shows that giving women their own account increases household spending on food, education, and other necessities – which also means less money squandered by irresponsible family members.
The Mirror, usually more supportive of the BBC than The Sun, said "the picture that was painted of the BBC yesterday was not pretty – licence fee payers' money squandered on huge salaries and even larger pay-offs".
Like Mr. Jones and Mr. Ford, he made some money, squandered it, got cheated out of some, and now lives in a small house that from the outside gives no sign a legend is inside.
Policing the program has become a cottage industry for federal investigators, who have found money squandered over the years on foolish projects and on things like company picnics, gifts and bonuses, and who have won quite a few indictments related to the grants.
Moreover, some of the money squandered on the Durbar camp will be saved, and if the work is honestly carried out, the Government may almost be able to recoup itself for the cost of new buildings in the enhanced values of the 25 square miles of land which it is said to have acquired.
The typical studio's overhead averages out to $10 million per release, not just to cover excess luxuries but also to cover projects in "development"—the word for money squandered optioning scripts that are never made into films.
