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"splashed out" is a correct and usable phrase in written English.
You can use it to describe a situation where someone spends money extravagantly. For example, "She splashed out on a new car even though she couldn't really afford it."
Exact(60)
So you've splashed out all that money.
It even splashed out on a securities house.
Once, consumers unhesitatingly splashed out on the driving maestro's recommendations.
I should have splashed out a bit more.
So you've splashed out on a shiny new iPod Touch.
So far this year, it has splashed out £170m.
That's where Fran Quinn nearly splashed out for eagle.
And would I feel the benefits if I splashed out big time?
He splashed out on a mansion in Westminster, blew £300,000 on a birthday party.
After the gunshot, the condemned man fell forward, and a pool of blood splashed out".
In some cases, clubs have splashed out only to find the television money subsequently drying up.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com