In my view, romance is about showing the other person that you understand him/her and that you've thought carefully about their likes/dislikes. This then shows in your "romantic act".
You are right that money isn't important - the act of showing you care and understand is important. And what could show you care more by asking him what he would like to do?
So, for example, if your man is big into rocks & geology and there's a museum nearby, even though it might bore you rigid, set some expectations (e.g. "we're going for two hours then onto a sandwich by the river") so that you don't get stuck there all day. Letting him show you how much he knows about a subject (whether it's surfing, fishing, architecture or stamp-collecting) will make him feel like you're interested in him. Be careful not to yawn when he's talking though!
You need to match the activity to his personality type: if he has a short attention span, is fidgety, always active, generally energetic and doesn't like sitting still, a picnic won't work.In this case, a romantic walk in a nearby park / seaside reserve keeps the scenery changing.
If it's by the sea, maybe you could watch the surfers, or the fishermen, or wildlife, depending on his interest.
You could go from a cafe at one end, and start with a coffee, then to a pub at the other, two hours later, and finish with a beer or a lemonade.
If he's a fairly laid back guy, happy to sit and watch the world go by, then a picnic could be a good plan, so bake a cakes, or some home-made bread for sandwiches, or make your own salad - what's important is that you spent time preparing and thinking about his appetite. It'll be a winner -even if your baking's a disaster.
Or maybe he'll be into the latest action-blockbuster at the pictures. While being in the cinema is not romantic, walking there, or having a drink afterwards discussing the film could be romantic to him as it's making him feel special.
Be mindful of the fact that this is your chance to make him feel like you want him to be special to you. He won't feel special if you're doing something that *you* like but *he* doesn't. So if he hates picnics by the river (which personally, I do) then you'll make him feel obligated to show he's enjoying it when really he isn't.
Good luck with whatever choice you make - but make it carefully!