Band first squandering gin... (5)
I believe the answer is:
strap
'band' is the definition.
(both can mean a strip of material)
'first squandering gin' is the wordplay.
'first squandering' becomes 's' (1st letter of 'squandering').
'gin' becomes 'trap' (I've seen this before).
's'+'trap'='STRAP'
(Other definitions for strap that I've seen before include "Shoulder band" , "Parts of a leather band" , "Narrow strip of leather" , "Leather thong" , "Parts of leather belt" .)