Wally is throwing a party and is successful in getting Beaver out of the house, who is planning to spend the night at Whitey's. However, on the way to Whitey's house, him and Beaver get into an argument over a billboard that is advertising for soup and this leads to Beaver falling into the giant soup bowl mounted at the top of the billboard.

Ward tries to teach Wally and Beaver the importance of saving by giving them a piggy bank. The boys quickly save up a handful of change and are all ready to spend it on some baseball equipment. However, unknown to their parents, they change their minds and decide to spend the money on a most unselfish gift.

Beaver gets a surprise when June invites Miss Landers over for dinner and Larry convinces him that something bad might happen. This leads Beaver to becomes a nervous wreck and tries to make sure his parents don't do anything to embarrass him. Meanwhile, Larry charges a quarter to anyone who wants to spy on Miss Landers eating dinner at the Cleavers.

An old acquaintance of Ward's stops by and offers to paint the trim on the house. However, June and Ward are both apprehensive about the prospect of an alcoholic coming in contact with Wally and Beaver, despite the fact that he says he's cleaned himself up.

An upcoming test in history, Wally's weakest subject, has Wally studying all weekend and has Larry and Eddie coming up with a plan that will give them good grades on the test.

Wally gets a job at the ice cream parlor leaving a gaggle of girls swooning and Eddie and Lumpy feeling neglected. So to get back at him, Eddie and Lumpy concoct a plan of revenge that involves Mary Ellen Roger's slumber party.

Beaver and Wally make friends with the garbage man's kids, Chris and Pete. They quickly learn that they take for granted what they have. Simple things like just having a yard to play in leave Chris and Pete in awe.

Wally begins combing his hair a new way, inspired by a fad started by Eddie that has swept his school. However, June and Ward are aghast at his hairdo and June becomes determined to get Wally to change his hairdo back to his normal style.

Miss Landers assigns Beaver's class to write a short essay about the most interesting character they know. While Judy writes about her dad, Beaver debates over whom he should write about. Beaver finally decides to write about Ward, but Beaver isn't sure if Ward is interesting enough.

Beaver and Larry find a wallet that contains $89 while on their way to the grocery store to pick up some groceries for June. Surprisingly, Beaver and Larry decide to turn it in at the police station and Beaver finds himself waiting an agonizing week to see if he can keep the money.

Wally's school is having an exchange dance and Wally and Eddie must take girls from a rival school that they chose out of a hat. Eddie asks to trade with Wally and he agrees, like a shot, after seeing the picture of Eddie's intended in a yearbook. Suspicious, Wally soon quickly discovers why Eddie wanted to trade; the girl is a few inches taller than Wally.

Beaver and his friends are all psyched to go on a camping trip with Gilbert's father as an escort. However, when Gilbert's father suddenly has to work and everyone is down in the dumps that is until Wally agrees to take them. Meanwhile, Eddie and Lumpy decide to secretly tag along and scare the boys with animal noises.

Wally and his friends are trying to earn enough money to buy baseball uniforms. They put a plan into action by doing their chores at a slow pace in order to maximize their hourly pay. Meanwhile, Beaver, also wanting to be on the team, begins selling water to his family and neighbors.

When June goes on a trip to visit her sister, Peggy, June's Aunt Martha steps in and stays with Ward and the boys. Ward and the boys do their best not to hurt Martha's feelings, but Beaver has the hardest time when she buys him a suit, knee socks, a cap, and short pants and makes him wear the outfit to school.

Ward helps Beaver and Wally build a miniature race car powered by a lawn mower motor and Ward makes the boys promise not to use it without him being with them. Later, Larry talks Beaver into taking it for a spin resulting in being pulled over by a traffic officer.

Beaver buys a common magic trick but is disappointed by everyone's ""that's nice"" reaction, but he gets a totally different reaction out of Bengie when Larry and Beaver convince him that Beaver has been turned into a rock.

Wally invites Eddie to spend the night. However, during a game of chess, Eddie accuses Wally of cheating and they get into a big argument ending with Wally ordering Eddie to go home.

After losing his lunch money for three days in a row, Ward gives Beaver one last chance by letting him handle his haircut money. However, when he loses that too, Beaver decides to give himself a haircut just days before he's scheduled to be an angel in a play.

June and Ward make Wally and Beaver promise that they won't go to the movies and see a scary movie. However, Wally and Beaver are talked into seeing it, thanks to Wally's so-called best friend, Eddie Haskell. The movie has quite an influence on Beaver, who makes a voodoo doll, names it Eddie Haskell, and sticks it with pins.

The local bully, Lumpy Rutherford, has been picking on Beaver and Wally and, thanks to a story Ward tells them, they decide to play a joke on Lumpy. However, their ploy catches the wrong person—Lumpy's father and Ward's co-worker Fred Rutherford, is caught in the trap.

After a week long visit with their Aunt Martha, Wally and Beaver prepare to head home to Mayfield on a train. After talking Martha into letting them buy their own tickets, they discover they're short the money after spending it on junk food and find themselves wondering how they are going to get home.

When Eddie and some of his other friends brag about shaving, Wally decides it's time he try. After nicking his face, Ward tries to discourage him but this just leads Wally to continue to shave. When Ward catches him again, he scolds him right in front of Eddie which leads to Wally being made fun of.

While staying after school cleaning the chalkboards, Larry convinces Beaver that Mrs. Rayburn keeps a spanking machine in the closest in her office. Later, a curious Beaver sneaks a peek but soon finds himself locked in the principal's office. Beaver's fame doesn't go over well with his family but Beaver has another problem on his hands: he's just gotten his head stuck in an iron fence at the park.

Beaver's class holds a ""Most Beautiful Baby"" contest and each student is supposed to bring in a baby picture. To make the deadline, June picks out a cute picture of Beaver at the last minute and sends it to Miss Landers, not realizing that the cute picture may cause Beaver embarrassment.

June's birthday has Wally and Beaver fighting over what to buy with the five dollars that Ward gave them. Wally buys her a wallet while Beaver buys an ugly blouse that June kindly thanks him for, but she has a hard time bringing herself to wear it.