On Ashada Shukravar or the Friday of Ashada month Mahalakshmi vratam is observed. It is a known fact that Friday is a day on which Lakshmi pooja has to be performed regularly to please goddess Lakshmi, the goddess of wealth. This is very auspicious and one should worship goddess Lakshmi for her blessings.
People observe fast on this day and eat only after praying to goddess Lakshmi in the evening. Normally the sri Lakshmi Ashtotra setha namavali is recited along with other like Ashtalakshmi stotram, Mahalakshmashtakam etc.