Varalakshmi Vratam is a significant Hindu festival celebrated to honor the goddess Lakshmi, who is believed to bring wealth and prosperity. The fasting and prayers performed on this day are believed to bring blessings of abundance and happiness to the devotees.

The festival is typically observed by married women who pray for the well-being of their families and loved ones. The celebration involves decorating the house, performing puja rituals, and offering prayers to the goddess.

Varalakshmi Vratam is usually observed on the second Friday of the Hindu month of Shravana. It is an auspicious day to seek the blessings of the goddess for a happy and prosperous life.