Islam urges Muslims to spend their money on good acts like spending it on their families ,donating to the poor,giving alms(ElZakat) etc.And Allah  The Almighty says in one of theHadith Qudsi:Spend,O son of Adam, and I shall spend on you . 

narrated by AlBukhari And Muslim 

عن ابى هريرة رضى الله عنه، ان رسول الله صلى الله عليه وسلم قال:

(قال الله: أنفق يا ابن أدم، أنفق عليك)

رواه البخارى وكذلك مسلم

Allah the Almighty condemns wastefulness and cupidity so in AlQuran He  orders Muslims not to bind their hands to their necks unwilling to give or spend anything nor to spend money foolishly and wastefully .

قال الله تعالى(ولا تجعل يدك مغلولة الى عنقك ولا تبسطها كل البسط فتقعد ملوما محسورا) الاسراء 29

Allah the Almighty describes those who spend their money wastefully like the Satans' brothers and He orders them not to expend their money  extavagantly. 

قال الله تعالى(ان المبذرين كانوا اخوان الشياطين وكان الشيطان لربه كفورا )

الاسراء 27