If the amount is large and perhaps excessive, it would be very suitable, though "burning money" would be moe apposite.
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ZeroxIs the aforementioned phrasal verb suitable to depict the situation when money is used on fireworks and one, literally, fires the money to the sky?As nearly as I can tell, that particular use would not necessarily be suitable unless we knew more of the circumstances. The two essentials seem to be "spending freely" - as opposed to "wisely" - and