Sheikh M. S. Al-Munajjid, a prominent Saudi Muslim lecturer and author, states the following: “Zakah is obligatory on four kinds of wealth: agricultural produce (grain, fruit, etc.); freely-grazing livestock and cattle; gold and silver (and their equivalents in modern currencies and bank-notes) the Zakah on which is 2.5%; and traded goods.
Since the money in scope is paid as a grant, the easiest way for you regarding the payment of Zakah is to wait until one lunar year has passed, then check the bank statement and pay 2.5% (twenty-five out of every thousand) from whatever has not been used.
However, if what is available is only sufficient for day to day expenses and you do not have enough left to reach the level of the nisab (the amount on which Zakah is payable), and a year has passed, then you are not obliged to pay Zakah in this case.”