Short answer
Yes. Islam forbids israf (spending beyond the proper limit, even on lawful things) and tabdhir (spending on sin or simply throwing wealth away). The Quran calls the wasteful brothers of the devils. Spending on halal needs, comfort and your family within your means is not waste.
Spending on what is haram is tabdhir and haram. Spending beyond reasonable limits on permissible things, out of show or in a way that leaves duties unpaid, is israf and blameworthy, from makruh up to haram depending on the harm. Buying good things you can afford, without pride, is permissible.
The four schools agree on this.
Explanation
The Quran says: "do not spend wastefully. Indeed, the wasteful are brothers of the devils" (17:26 to 17:27), and "eat and drink, but be not excessive" (7:31). The servants of the Most Merciful spend "not excessively or sparingly but are ever, between that, justly moderate" (25:67). The Prophet ﷺ said Allah dislikes for you idle talk, too many questions and wasting wealth.
The scholars separate two things:
- Tabdhir: spending on what is sinful, such as gambling, alcohol or music concerts, or destroying wealth for no purpose. Any amount is haram.
- Israf: going beyond the limit in lawful things: wedding spending that leaves families in debt, buying far more food than will be eaten, or luxuries bought on interest-bearing credit.
Israf is measured against your means and your duties. A meal that is modest for a wealthy person can be excessive for someone who has not paid his debts or supported his parents. Spending that leaves zakat, family maintenance or debts unpaid is clearly blameworthy.
Islam does not ask you to live in hardship when you can afford better. Allah likes to see the effect of His blessings on His servant, and nice clothes, a good home and good food bought with halal money, without pride, are fine. The balance is 17:29: do not keep your hand tied to your neck, and do not stretch it out completely. See also What does Islam say about money?
The evidence
Quran, Surah Al-Israa 17:27
إِنَّ ٱلْمُبَذِّرِينَ كَانُوٓا۟ إِخْوَٰنَ ٱلشَّيَٰطِينِ ۖ وَكَانَ ٱلشَّيْطَٰنُ لِرَبِّهِۦ كَفُورًۭا ﴿٢٧﴾
Indeed, the wasteful are brothers of the devils, and ever has Satan been to his Lord ungrateful.
Wasting wealth is condemned in the strongest terms.
Quran, Surah Al-A'raaf 7:31
۞ يَٰبَنِىٓ ءَادَمَ خُذُوا۟ زِينَتَكُمْ عِندَ كُلِّ مَسْجِدٍۢ وَكُلُوا۟ وَٱشْرَبُوا۟ وَلَا تُسْرِفُوٓا۟ ۚ إِنَّهُۥ لَا يُحِبُّ ٱلْمُسْرِفِينَ ﴿٣١﴾
O children of Adam, take your adornment at every masjid, and eat and drink, but be not excessive. Indeed, He likes not those who commit excess.
Even lawful things have a limit.
Quran, Surah Al-Furqaan 25:67
وَٱلَّذِينَ إِذَآ أَنفَقُوا۟ لَمْ يُسْرِفُوا۟ وَلَمْ يَقْتُرُوا۟ وَكَانَ بَيْنَ ذَٰلِكَ قَوَامًۭا ﴿٦٧﴾
And [they are] those who, when they spend, do so not excessively or sparingly but are ever, between that, [justly] moderate
The believer's spending is moderate.
Sahih al-Bukhari 2408
Sahih... وكره لكم قيل وقال وكثرة السؤال وإضاعة المال ...
"And He dislikes for you gossip, asking too many questions and wasting wealth."
Wasting wealth is something Allah dislikes.
Jami' at-Tirmidhi 2819
Grading to be checked... إن الله يحب أن يرى أثر نعمته على عبده ...
"Allah loves to see the effect of His blessing on His servant."
Enjoying lawful good things within your means is not waste.
Where the ruling is recorded
- Ahkam al-Quran (al-Jassas), Commentary on Surah al-Isra, the verses on tabdhir. Explains tabdhir as spending in sin and israf as exceeding the limit.
- Radd al-Muhtar (Ibn Abidin), Kitab al-Hazr wa al-Ibaha. Israf in permissible things is blameworthy; in sin it is haram.
Checked by our team. For a more accurate answer to your own situation, consult a scholar. Quran translation by Sahih International. Hadith Arabic from the standard editions of the six books and the Muwatta, with gradings as recorded there; the English is our own rendering. Spotted a mistake? Tell us.