What is profligacy?

Profligacy refers to the act of wasteful spending or a reckless and extravagant lifestyle. It involves spending money impulsively and without any regard for the consequences or repercussions. Individuals who are profligate tend to indulge in luxuries and extravagances that they cannot afford and often lead to financial troubles. Profligacy can lead to a lack of financial stability, mounting debts, and a loss of savings. It can also have detrimental effects on an individual's personal and professional life, leading to a poor reputation and strained relationships. To avoid profligacy, it is essential to practice good financial habits, including budgeting, saving, and investing wisely.