Spent freely, reportedly, being depressed (4)
I believe the answer is:
blue
'depressed' is the definition.
(I've seen this before)
'spent freely reportedly' is the wordplay.
'spent freely' becomes 'blew' (I've seen this before).
'reportedly' indicates a 'sounds like' (homophone) clue.
'blew' sounds like 'BLUE'.
'being' is the link.
(Other definitions for blue that I've seen before include "Sad - shade" , "sometimes heard of with little boy" , "Dejected" , "It's used to whiten laundry" , "very cold" .)