Finding Fun with Freebies

One of the primary benefits of financial security is the ability to spend money any way you want. You still might not be able to afford everything that catches your eye, but chances are your financial future is not jeopardized by any singular purchase.

Living your best life may also include spending some of your wealth on things that bring you meaning, purpose, and a sense of significance.

But, despite the fact that you don’t have to, what if you spent some time, now and then, exploring ways to spend as few dollars as possible, or maybe none at all, without sacrificing the richness of your life?

It’s an exercise referred to as “The No-Spend Challenge.” The goal is to derive as much pleasure as possible with the smallest expenditure. Above all else, it should be fun.

Perhaps this is the summer for this kind of adventure. Here are a few ideas for what you could do for free (or mostly free).

A New Game

Trying to see how little you can spend over the course of a day or weekend while still having a blast is an offshoot of the emerging trend of gamification, which is very popular in business and education. With the no-spend challenge, friends and/or families challenge each other to find and do as many free activities as they can.

Even among high-net-worth individuals, designing vacations or weekend getaways around a low- or no-spend strategy could become a bit of a competitive sport: How much great stuff can be experienced for free, and how luxurious could it be?

If the appeal of such an exercise still escapes you, think about it like this: Creating a fun experience that costs little or no money, offers you the joy of the thing itself, along with a sense that your creative frugality could pay substantial dividends. You prove to yourself – and maybe that competitive sister-in-law of yours – that your ingenuity is every bit as valuable in your personal life as it is in business and investing. You might rediscover that some of the best things in life can still be free.

This exercise might even come with health benefits. For example:

• The BBC reports that research that tracks consumer behavior suggests that focusing on frugality and an outing of bargain hunting may trigger pleasure centers in the brain and increase our levels of the feel-good hormone, dopamine.

• Researchers in Poland and the United States have found that saving money may provide people with a greater sense of control over their lives, which may reduce future-related anxiety and even lower fear of death.

• According to research published in the journal Young Consumers, Millennials who buy less, reported better overall well-being.

Let’s Play

So, if you are ready to go, start by leaving high-end purchases off your list. Jet skiing in Bora Bora is off the table in this game. Next, do your homework and reach out to others in your networks for ideas. Chances are you are not the first of them to pursue excitement on the cheap. Some ideas might require creativity or well-connected friends, but there are plenty of opportunities for fun that you likely haven’t even begun to consider.

Check out these possibilities:

1. Get outside. Maybe the most obvious no-spend idea is offered by the great outdoors. There’s plenty of fun to be had, no matter the time of year, all without costing a cent. What’s more, the outdoors can provide some of the most deeply meaningful and rejuvenating experiences of them all. Bonus: Outdoor activities such as hiking have been shown to be good for keeping your mind sharp as you age. Taking a long walk with another person can be a powerful way to build a deeper connection and resolve disputes. Even business titans like Mark Zuckerberg and Steve Jobs have reportedly done some of their best deals during hikes.
   

2. Get cultured. Museums commonly offer periodic free admission days. One example: The world-famous Museum of Modern Art (MoMA) is free to residents on the first Friday evening of each month. Plenty of elite institutions of art are perpetually free, including The British Museum of London, D.C.’s Smithsonian Museums, the Getty in Los Angeles, and our very own Nelson-Atkins Museum of Art in Kansas City.
   

3. Enjoy fine dining at (relatively) low costs. You won’t get a free meal at a Michelin starred restaurant, but there are ways to eat extraordinary meals at the lowest cost possible. This may be the part of the hunt that you want to be sure to share with your friends. One example: San Francisco’s State Bird Provisions is (as of this writing) the most affordable Michelin starred restaurant in America.
   

4. Eat really cheap, really amazing food.  So-called “cheap eats” don’t have to be boring, bland, or even downright bad. The diamonds in the rough are sometimes on par with what you’ll find at fancy restaurants in terms of flavor and culinary skill. Ask around about hole-in-the-wall establishments that might lack traditional style. Who knows? You may discover pork buns, po’ boys, tacos, Belgian style frites cooked in duck fat, and other mouthwatering goodies for just a few bucks.
   

5. Tap those rewards. Perhaps your credit card spending earns you points and other rewards that can add up to free stuff. Sometimes just having a card gains you free access to things. Some cards offer free general admission to over 225 cultural institutions across the United States during the first full weekend of every month.
   

6. Give back. Volunteering can be a great way to do something free and useful for others at the same time. Chances are you’ll feel good, too, after spending time and energy with a cause or organization that matters to you.

Looking for ways to spend less money can be all about fun. Enlisting friends and family in the challenge can add an enjoyable level of competitiveness, as well. If it gets you focused more on how you save, spend, and invest your wealth, all the better!

It’s shockingly easy to spend your money on extravagant gifts, fancy far-flung vacations, and more. No one is telling you to stop doing that, but every now and again, give your credit card a break and see what adventures may await you.