Welcome to Eid-ul-Fitr
One of the five pillars of Islam is 'Zakat', which means purification in Arabic but in practice means giving alms. This is an old-fashioned word for charity which better describes what Muslims do. During Ramadan they are obliged to give money from their income as a kind of tax for the benefit of the poor.
JRS Whiting says:
"It is fixed at 2½ per cent or one-fortieth of your savings. However, certain deductions to your income can be made before you calculate what zakat you must pay. Rent from houses you let, debts, household goods, clothes, car and travel money can be subtracted for example." (Whiting 1983 p117)
It is not proper to give the Zakat ul-Fitr in the form of money, clothes, or any other non-food items. One school of Islamic law - the Hanafites - says that a person is allowed to give the Zakat ul-Fitr in monetary form if he wishes to do so but it must be given on the day of Eid-ul-Fitr or one or two days before so that it can be distributed to the poor. It cannot be given after the Eid-ul-Fitr prayer, unless the person provides a valid reason for the delay.
If everyone does this then all Muslims can celebrate Eid-ul-Fitr in the same way. It is important to remember that Islam is a religion that believes and teaches that all people are equal.
As Eid-ul-Fitr approaches, special foods are prepared for eating on the day. Turkish Muslims refer to the feast as Sheker Baryam or 'sugar feast'. This will give you a clue as to what kinds of things are eaten. Families will often visit each other and so extra food is cooked. In some countries where village life is more common, mothers will send trays of goodies to their daughters if they have married and moved to another place. All this takes time and builds up the excitement of the people. It also helps to pass the time in Ramadan.
Some children get even more excited because they are bought new clothes. As it is a special day, they will want to look their best and make themselves look smart.