According to my Swedish family u can use both tillbringar and spenderar for 'spending time' .... - Spenderar = spend time more (pro)actively. E.g.: Jag spenderar tid med mina barn. - Tillbringar = spend time more passively. E.g.: Ja tillbringar tid på soffan
Spend Money can only be 'spenderar' though.
Both tillbringar and spenderar are accepted answers here.
Using the verb spendera about time is not a new usage, but it has become very much more common in the last decades because of English influence. Because of this, it might sound annoying to some people. It can also sound a bit pretentious, but it isn't wrong.