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The Varalakshmi Vratam is primarily performed by married women (sumangali), for their own well-being, and in order to ask the goddess to bless their husbands with health and longevity.
Many believe that worshipping the aspect of Varalakshmi on this day is equivalent to worshipping the Ashtalakshmi- the eight aspects of Goddess MahaLakshmi, all of whom represent different forms of wealth.
The puja begins with the formal welcome of Lakshmi into one's house.A kalasham (a brass or silver pot) is placed on the tray outside the house. The pot is decorated with mango leaves as well as flowers. Auspicious items such as rice, betel leaves, turmeric sticks, bananas, and coins are placed inside the pot. A thread dipped in turmeric is tied around the neck of the pot. A coconut scrubbed with turmeric is placed on the top of it. In some traditions, the face of the goddess may be drawn on the coconut, or a brass or silver face may be kept on the pot and decorated with kumkumam, turmeric, and sandalwood powder. During an auspicious hour, the women sing a song of greeting to Lakshmi, and carry the tray and kalasham into the puja room. After lighting the lamp and performing the arati, shlokas, and songs of the goddess are recited. The yellow thread is untied, and a piece is given to each girl or woman to tie around her right wrist. This is symbolic of the conclusion of the auspicious puja, as well as receiving the blessings of the deity.
The next day, the Lakshmi puja is performed. Cooked rice, chickpeas, fruit, and betel leaves are offered to all the women who had participated. The face of the goddess is turned towards the west, and the kalasham with its contents placed inside a drum of rice, symbolically keeping the goddess safely inside the house until the next occasion.