What is this festival about?
When is it celebrated?
Like the name says, this festival is celebrated on 5th day (aka Panchami) of Spring (aka Vasant). Based on lunar calendar, this is celebrated on 5th day of Magh month. This typically comes in the month of January or February.
Why do we celebrate it (the story behind it)?
The reason comes directly from the fact that this is the beginning of spring season.
As for worshiping goddess Saraswati, this day is considered to be her birthday.
How do we celebrate?