Sadaqah in Arabic language has been taken from the root verb “Sidq” means “truth” therefore anything which we release from our wealth with the pure heart and with the Niyyat of seeking pleasure of Allah (swt) is called Sadaqah. In the Holy Quran even Zakat has been called as Sadaqah and the Mahr (dowry) of a bride is also called as Sadaqah( which you always here during Nikah “As Sedaqil Maloom” means fixed amount to be given to the bride).
So Sadaqah doesn’t mean a amount which we took it out from our wealth just as a least amount or sometimes torn and old used thing to give to the poor. Sadaqah is very valuable amount near Allah (swt) that is why there are many many Hadith and traditions has been mentioned from Masumin (a.s) in praise of sadaqah.
Sadaqah can extend ones death and increases our wealth and strengthen our health.

Mostly sadaqah we assume it as a money but it can be other than money too. Like if anyone in need of our advise or our time or our love and affection can be also considered as a sadaqah. Many time people don’t need money but they need our moral support like our parent who most of the time they don’t need money only rather they need our company and respect which they deserve really.

But Sadaqah in our wealth plays a very important role in our society specially if it is managed and be given and collected properly. After Islamic Revolution in Iran Imam Khumeini (r.a) introduced a very helpful and managed way of collecting Sadaqah where they have very disciplined and government level offices where they collect all Sadaqah and arrange thousands of marriage from poor families and running orphanages.

Sadaqah can make a good economical balance against capitalism in society. One the best and major philosophy behind sadaqah is to neutralize our thought of being a rich person in a society and keep away from the love of materialistic thought and keep away from getting proud of having wealth. Because it is approved psychologically that it’s not an easy task that one can give his own wealth which he /she has earned after day and night struggle to others but when he/she gives it out of love of Allah and His creation his heart become soft and he becomes a true devotee of Allah (swt) that is our ultimate goal of life.
It’s really a very good practiced in Islam.
May Allah (swt) give us taufiq to serve His creation and our beloved religion of Islam as he has given us this opportunity and we don’t know how long this opportunity can stay with us.
Imam Ali (a.s) has said opportunity passes as soon as clouds moves from one place to another place.