To spend money or other valuable resources without prior consideration, to waste
The proverb has the origin in a village of Salamanca, famous for its sausage factory. One day an employee of the factory was in a hurry and couldn’t think of nothing better that tie a dog, who was trying to enter to the factory, to the leg of a bank using a sausages-string. When a boy from village passed over there and watched the scene he was left speechless and he ran to spread the news: ..they’re so rich that they can even tie the dogs with sausages!