Fig.: said about someone who spends as much money as possible on anything. To be a spendthrift

I just can't save any money; my bank account is always in the red. Money really burns a hole in my pocket because I always spend everything I earn

Non riesco proprio a risparmiare e il mio conto in banca è in rosso. Ho veramente le mani bucate perché spendo sempre tutto quello che guadagno

Black Friday is here! That's the time when money burns a hole in my pocket and I can't help but buy anything on sale

Il Black Friday è arrivato! Davanti a questi saldi non riesco a trattenermi e faccio spese pazze comperando a più non posso

My parents always told me that it's important to save money for a rainy day, but I can't do it. As soon as a get some money, it starts burning a hole in my pocket and off I go on a blind shopping spree

I miei mi hanno sempre detto che è importante risparmiare per periodi di difficoltà, ma proprio non riesco. Ho le mani bucate e non appena ho dei soldi a disposizione, vado e li spendo tutti senza freni

This idiom has been in use since the early 1500s, but its origin is unknown.
According to this metaphor, the owner's money feels hot and needs to be quickly removed from his pocket before falling out of the hole it's making while burning and thus getting lost.