What is meant by "spending" in this verse?

Imām Ibn al-Jawzī (d. 597/1201) summarized the scholars' opinions in his book "Zād al-Masīr" as follows:

1. It is spending on one's family and dependants. [Ibn Masʿūd, Ḥudhayfah]
2. It is the obligatory alms (zakāh). [Ibn ʿAbbās, Qatādah]
3. It refers to voluntary charitable donations. [Mujāhid, al-Ḍaḥḥāk]
4. Some said that it was a form of spending that was obligatory before zakāh was instituted: a person was expected to retain enough to sustain him a day and night, and to distribute the rest to the needy. According to this view, this verse was abrogated by the verses on zakāh. However, this opinion is relatively weak.