Sadaqah (giving in charity) is a deed designed to eliminate the spiritual malady of miserliness, forgiveness of sins and for acceptance of prayers. It is a voluntary charity given in addition to zakat. It can be given any time of the year and there is no minimum or maximum a person must give.
Allah (swt) states in the Quran:
“Take Sadaqa from their wealth to purify and cleanse them and pray for them. Your prayers bring relief to them.”
The one’s who belong to the highest rank are those who give away, wholeheartedly everything they possess thus proving true their claim of love. Abu Bakr Siddiq (ra) held this rank, on one occasion he brought all the contents of his house before the Messenger of Allah. And when asked, ‘What have you left for yourself?’ He replied, ‘Allah and His Messenger (saw) ‘ On this occasion Umar (ra) had also brought his belongings and in reply to the same question said, ‘I have left as much as I brought.’ Upon hearing the answers of both, the Prophet (saw) said (addressing the two), ‘Your ranks are evident from your replies.’