Significance and importance :
The name Varalakshmi itself can be interpreted in two ways.In one meaning, Varalakshmi is one who grants boons (Vara/Varam). In another, she is the Goddess who is invited into the home and honoured.One who performs this pooja with great devotion and bhakti is believed to be blessed with dhanam (money), dhanyam (grains or food), arogyam (health), sampath (property), sathsanthanam (virtuous offspring) and "dheerga saumangalyam" (longevity of the husband).
Performing the Varalakshmi puja is said to be equivalent to worshipping all the different forms of Lakshmi. Varalakshmi vratam is considered auspicious for a married women. This vratam is also known as sravana sukravaram vratam.
The legend behind Varalakshmi puja and the vratam is fascinating. It was a game of dice which caused a small tiff between Lord Shiva and Parvati as to who was the victor. An honest gana, Chitranemi, was asked to arbitrate and he decided in Shiva's favour. An angry Parvati cursed him to suffer from leprosy. When Shiva pleaded with her, she gave in and said the day women in the world observed Varalakshmi puja, Chitranemi would get deliverance. Chitranemi got relief when he observed some women performing the puja. Ever since then, this vratham has been observed.
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For the katha (Story), Click the link below .
Varalaksmi Vratam Vidhanamu in Telugu
One who don't have this vratham, can recite Lalitha Sahasranamam and Maha Lakshmi Ashtakam Link every friday in Sravana Masama