Varalakshmi Vratam falls during Shukla Paksha of Hindu month Shravan and it is observed on first Friday before Shravan Purnima. Shravan Purnima is observed as Raksha Bandhan in most Indian states. Varalakshmi Vratam also happens to be second Friday in Shravan month. Currently it falls in month of July or August in English calendar.
Varalakshmi Puja is performed by married women for the well-being of husband and the other family members. It is believed that worshipping Goddess Vara-Lakshmi on this day is equivalent to worshipping Ashta-Lakshmi - the eight Goddesses of Wealth (Sri), Earth (Bhu), Learning (Saraswati), Love (Priti), Fame (Kirti), Peace (Shanti), Pleasure (Tushti) and Strength (Pushti).
Varalakshmi Vratam is one of the most appropriate days to propitiate and to seek blessing of the Goddess Lakshmi.