Tradition holds that good deeds done on Akshaya Tritiya, such as charity, prayer, fasting and helping others, bring merit that does not decline. For this reason the emphasis of the day is on giving, especially of water, food and items that ease the summer heat.
It is regarded as one of the few days in the year that is auspicious in itself (often called an abujh or self-fixed muhurat), so many families hold weddings, house-warmings, start businesses or buy gold, property and vehicles on this day. Buying gold is a popular custom, but it is a symbol of prosperity, not a guarantee of wealth; prayer and charity are the heart of the day.
The day is also connected with several traditional events: the birth of Parashurama, the sixth avatar of Vishnu; the beginning of the Treta Yuga in traditional reckoning; and, in a popular belief, the day Ved Vyasa began dictating the Mahabharata to Ganesha. Many families also offer water and food in memory of their ancestors.
During their years of exile in the forest, the Pandavas struggled to feed the many sages who visited them. Draupadi prayed to the Sun God, who gave her a vessel (the Akshaya Patra) that would provide food for everyone each day until she herself had eaten. Once, when the pot was already empty, Krishna arrived, ate a single grain left stuck to it, and declared himself satisfied, and with that every guest felt full. The story teaches that what is given with devotion does not run out.
Another popular story tells of Sudama, Krishna's poor childhood friend, who came to Dwarka with only a small bundle of beaten rice (poha) as a gift. Krishna welcomed him with great love and ate the poha happily. Sudama went home without asking for anything, and found that his family's poverty had been removed. The story is often told on Akshaya Tritiya to show that sincere friendship and humility are valued above the size of an offering.