Squander something deep-fried (7)
I believe the answer is:
fritter
'squander' is the definition.
(I know that fritter is a more specific form of the action squander)
'something deep-fried' is the wordplay.
I cannot quite understand how this works, but
'something' could be 'it' (I've seen this in other clues) and 'it' is located in the answer.
This explanation may well be incorrect...
Can you help me to learn more?
(Other definitions for fritter that I've seen before include "Hot food" , "Something battered and fried" , "Item cooked in batter" , "while away?" , "bit of batter" .)