A tract for spendthrifts (5)

I believe the answer is:

waste

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'a tract' is the definition.
The answer and definition can be both locations as well as being singular nouns.
Perhaps there's a link between them I don't understand?

I don't understand how the rest of the clue works.

Can you help me to learn more?

(Other definitions for waste that I've seen before include "Throw away thoughtlessly" , "Misuse" , "Sweat (anag)" , "Barren area; rubbish" , "Atrophy" .)

I've seen this clue in The Globe and Mail.

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