How to easily minimize waste using a potato smasher?
There is no need to remove potato from the holes on each stroke, which appears to be what you are describing doing. Just pick it up and smash it down on some un-smashed potatoes until there are no more of those. The potato already smashed through the holes will eventually fall back into the pot during this process.

Then, when done smashing, turn the tool sideways, knock it on the rim of the pot to dislodge most of the potato on it, and use a rubber spatula to scrape off what's left.

Or expand your shopping beyond wal-mart - I'd bet $20 I can find a wire-type masher at a thrift store nearby, probably for $1 or $2 at most, and certainly by using the same technology you use to post your question you can have one shipped to your house for a bit more money, if this type offends you. You can also mash them with a hand or stand mixer. Or, indeed, a fork.