Thauban reported Allah's Messenger (ﷺ) as saying: The most excellent dinar is one that a person spends on his family, and the dinar which he spends on his animal in Allah's path, and the dinar he spends on his companions in Allah's path. Abu Qilaba (one of the narrators) said: He (the narrator) started with family, and then Abu Qilaba said: Who is the person with greater reward than a person who spends on young members of his family (and thus) preserves (saves them from want) and by virtue of which Allah brings profit for them and makes them rich.
Related hadith on this topic
Explanation & Benefits
Maulana Ataullah Sajid
Benefits and Issues:
➊ Spending on others in relation to oneself is a cause of greater reward.
➋ Fulfilling the necessary expenses of wife and children is obligatory. Spending beyond reasonable limits falls under extravagance, which is not a good habit. Spending on unlawful purposes or giving to wife and children for such expenses is a sin.
➌ Whatever is spent for acquiring items used in jihad and for keeping them in proper condition is also included among the most virtuous expenditures.
➍ During jihad, one should be mindful of each other's needs. At such times, spending on one's companions is also an act of jihad and a cause of great reward.
Source: Commentary on Sunan Ibn Mājah by Mawlānā ‘Atā’ullāh Sājid, Page: 2760