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.

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.

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.

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.

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.

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 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.

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.

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.

Wally is rounding up some guys to go to an amusement park and he's one short from getting a discount so he settles on Beaver. However, Beaver begins having second thoughts when he hears stories about one of the rollercoasters.

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.

An eighth grade dance has Wally being pressured into attending with a girl, instead of going stag with Eddie. However, Mary Ellen Rogers becomes determined to have Wally take her and goes through Beaver to get to him.

When the new girl, Gloria, tells Wally that he has a pug nose, he becomes incredibly self-conscious and purchases a contraption that is suppose to give him a strong Roman nose. When Ward discovers the device, he gives him a pep talk which just makes matters worse.

June and Ward allow Wally to escort Beaver on a bus to a friends house in Crystal Falls. However, on one of the stops, Beaver inadvertently gets on the wrong bus that takes him back to Mayfield.

Beaver and Larry have been put in charge of the class cookie fund and are taking turns guarding the money. A new kid takes advantage of them and cons Beaver and Larry out of three dollars from the fund.

When Beaver and Gilbert are pretending to go for a drive in Ward's car, Beaver accidentally releases the parking brake, causing the car to roll down the driveway and into the street, backing up traffic. Wally steps in and drives the car back in the driveway and clears up the traffic mess, but he soon finds himself being issued a citation for driving without a license.

Ward allows his car to be driven by Lumpy who must get Eddie, Wally and Beaver to a sporting event in a neighboring town. However, on the way back, Lumpy disobeys Ward's orders and takes a shortcut home.

Beaver's teacher, Miss Canfield, sends a note home with Beaver and the other kids convince him that it's news that he's getting kicked out of school. Beaver and Wally take steps to hide the note from Ward and June.

Beaver and Wally send away for an alligator and they secretly keep it in the bathroom. When the alligator falls ill, the boys get some advice from Captain Jack, an owner of an alligator farm. However, keeping him a secret is going to be hard, the alligator is growing and they need a new place to keep him without June and Ward finding out.