The Collaborative International Dictionary of English v.0.48:

Squander \Squan"der\ (skw[o^]n"d[~e]r), v. t. [imp. & p. p.
   Squandered (-d[~e]rd); p. pr. & vb. n. Squandering.] [Cf.
   Scot. squatter to splash water about, to scatter, to
   squander, Prov. E. swatter, Dan. sqvatte, Sw. sqv[aum]tta to
   squirt, sqv[aum]ttra to squander, Icel. skvetta to squirt
   out, to throw out water.]
   1. To scatter; to disperse. [Obs.]
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            Our squandered troops he rallies.     --Dryden.
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   2. To spend lavishly or profusely; to spend prodigally or
      wastefully; to use without economy or judgment; to
      dissipate; as, to squander an estate.
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            The crime of squandering health is equal to the
            folly.                                --Rambler.
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   Syn: To spend; expend; waste; scatter; dissipate.
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WordNet (r) 3.0 (2006):

squandering
    n 1: spending resources lavishly and wastefully; "more wasteful
         than the squandering of time"