Vara Laxmi Vrata is observed on the Second Friday of the Shravan month. Charumathi, a Brahmin woman lived in a town, Kundina. She was very humble and kind in her nature. She was very much devoted to her husband and family.
One night, Goddess Laxmi appeared in her dream and told her to worship Vara Laxmi and seek her blessings. Goddess Laxmi also explained the Vrata procedure and the best day to observe Vara Laxmi Vrata. Laxmi asked Charumathi to observe Varalaxmi Vrata on the Second Friday of Shravana Month.
Charumathi informed about the dream to his husband and family. She also told to her friends and the word spread throughout the town. On the Second Friday of Shravan Month, Charumathi along with her family, friends and the women of the town observe Vara Laxmi Vrata. They worshipped Vara Laxmi with utmost devotion and offered special recipes and fruits to please her. Goddess Vara Laxmi appeared before them and granted boons to all of them. Their houses were filled with grains, diamonds, jewels and gold. They all lived happily in their rest of life. Since the time, women have begun observing Vara Laxmi Vrata every year on the specific Friday.