Questions about example sentences with, and the definition and usage of "Okane"

Q: In Japanese, we often say "お金を湯水のように使う okane o yumizu no you ni tukau" when someone is spending too much money wastefully.
(This phrase means " You use money like hot water or water." )

But the other day , I happened to think this expression may be peculiar to Japanese.
In Japan, there's abundant water.
I suppose this phrase was born in this reason .

In English, is there any phrase which means like this?