profligate

adj) spending resource recklessly or wastefully

The composer Waner, while living on a limited salary, was so profligate as to line all the walls of his  apartment with pure silk.

n) someone who spends resources recklessly or wastefuully

Most lottery winners go from being conservattive, frugal types to outright profligates who blow millions on fast cars, lavish homes, and giant yachts.