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'waste of money' is correct and usable in written English.
You can use it when you want to express that something was a bad investment or bad use of money. Example: I had to pay a high fee for a service I didn't need, it was really a waste of money.
Exact(60)
What a waste of money".
Waste of money, hmm?
"This is a huge waste of money.
"This is a total waste of money.
Seems like a waste of money.
"Seems like a big waste of money".
Otherwise, it is a waste of money.
SIR — What a waste of money.
Thinks it's a waste of money.
Or are they a waste of money?
They are mostly a waste of money.
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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