The virtue and auspiciousness of the Day of Aashura has been authentically established in Islam. However, apart from fasting there is no specific Salah, Zikrs or Duas etc. prescribed for this day. Hence specifying certain particular recitals and formulas and considering them necessary will not be appropriate. One may recite any form of Zikr from the Sunnah and engage in any form of Ibadat and good act. Importantly, on this day, one should stay away from all forms of sins, innovations and practices that are not established in Islam.
To spend on the family is an established practice of this auspicious day.
Kindly find below the response of Mufti Muhammad bin Adam Al Kawthari of the UK to a similar question:
There are two types of narrations related in this regard. The first concerning the virtue of giving general charity on the 10th of Muharram (Ashura), and the second concerning the virtue of spending specifically on one’s family on this day.
As far as general charity is concerned, it has been reported from the Companion Sayyiduna Abdullah ibn Amr ibn al-As (may Allah be pleased with him) that he said, “Whoever fasts on the 10th of Muharram (Ashura), it is as though he has fasted the entire year. And whoever gives charity on this day, it is like the charity of an entire year.” (Recorded by Imam Ibn Rajab al-Hanbali in his Lata’if al-Ma’arif from Abu Musa al-Madini)
As for spending and being generous on one’s family, the Messenger of Allah (Allah bless him & give him peace) is reported to have said, “One who generously spends on his family on the 10th of Muharram (Ashura), Allah will be generous on him for the entire year.” (Recorded by Imam Ibn Rajab al-Hanbali in his Lata’if al-Ma’arif from Tabarani in his al-Awsat and Al-Bayhaqi in his Shu’ab al-Iman)
These and other narrations indicate that one should be generous on one’s family and dependants and spend more on them by providing more food and other items on this day as compared to other days. One may give cash, food and drink, or any other item of gift.
Although some scholars consider these narrations to be weak (dha’if), many others like Imam al-Bayhaqi, Hafidh al-Iraqi and Ibn Hibban have accepted them as reliable. Imam Ibn Rajab al-Hanbali relates from Imam Ahmad ibn Hanbal (Allah have mercy on him) that he did consider some basis for them. He also quotes Sufyan ibn Uyayna (Allah have mercy on him) as saying, “I have practiced this [spending on the family] for fifty or sixty years, and have found nothing but good in it.” (Lata’if al-Ma’arif P 64)
Moreover, even if considered weak, scholars generally agree on the permissibility of acting upon weak narrations for virtuous actions, as long as they are not fabricated (mawdu’).
As such, in conclusion, it would be virtuous and rewarding to spend more on one’s family on the 10th of Muharram. One may provide more food and drink or any other item. However, this practice should not be considered as firmly established, and thus, one should avoid attaching extra significance to it.
You may also refer to the following link:
And Allah Ta'ala Knows Best
M.D. Mangera (Mufti)