Spent frivolously and unwisely (9)
I believe the answer is:
frittered
'spent frivolously and unwisely' is the definition.
(I've seen this before)
This is the entire clue.
(Other definitions for frittered that I've seen before include "Wasted little by little on frivolous things" , "What appears to be cooked in batter" , "Spent frivolously and unwisely" , "going to waste" .)