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.

Wally and his friends build a clubhouse and Beaver wants to join. Although the dues are $1 for 8th graders, Beaver has to come up with $3 in order to join their club. How can Beaver earn the money?

Wally goes away on a trip with the Boy Scout troop that he belongs to, leaving a lonesome Beaver behind. Finding his friends to be busy, Beaver takes up other means to make the time go by.

Ward becomes a bit jealous when Wally and Beaver begin spending time playing basketball at Willie Dennison's house after Willie's dad put up a backboard and a basket. This prompts Ward to do the same thing but it just seems like things are working against him being the perfect father.

While playing baseball in the street with Wally, Chester and Tooey, Eddie hits a baseball through the Cleaver's window resulting in Ward forbidding the boys to play baseball so close to the house. However, later, Beaver talks Wally into pitching one, but this results in a broken car window.

Wanting to be liked by Wally's friends, Beaver makes up a wild story about the vacant lot next to his house being an Indian battle ground. After making a bet with Eddie, Beaver has Wally help him plant artifacts in the lot. However, that is forgotten when the kids make a discovery that they believe will make them rich.

After a weekend spent at the movies goes awry for Ward, he decides the boys should spend their weekends outside and plans a camping trip. However, when Ward's called into work, Wally and Beaver decide to camp out in the backyard.

June has Wally stay home from school when he comes down with a sore throat and suddenly Wally is emersed in attention from his parents, friends and doctor. Jealous and feeling left out, Beaver fakes illness, seeking that same attention.

While watching Wally and his friends play baseball, Beaver is put in charge of looking after everyone's coats and watches. However, after the game is over Lumpy comes to claim his watch, but Beaver has no watch to give him.

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.

Wally needs a new suit for an upcoming dance and he convinces his parents that he's old enough to pick out his own clothes. So he and Beaver go down to the shop and pick out the loudest, cheapest plaid suit in the entire shop.

Beaver and Wally are all excited about going to the carnival, however, Aunt Martha throws a wrench in their plans when she makes an unexpected visit with a friend of hers, forcing Wally and Beaver to count the hours away, hoping she will leave soon enough so they can still go to the carnival.

Wally, Chester and Tooey are building their own boat and plan to sail on it, despite Ward and June's forbidding Wally. Once at the lake, Beaver is the only one small enough to get in it and once on the water, the boat tips over, leaving a soaked Beaver behind. However, it's trying to keep their afternoon of boating a secret from Ward and June that's really going to wipe Wally and Beaver out.

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.

Wally gets an invitation to attend a cotillion with Mary Ellen Rogers. At first he wants to turn down the invitation, but then decides to go anyway, despite the fact that Mary Ellen has signed them up to do the cha-cha in a dance contest.

Larry invites Beaver to the carnival and tells him that his mother will treat him. However, when Mrs. Mondello refuses to give Larry money, Larry decides to find some. He throws some of his mother's money out the window and when Beaver comes over, Larry pretends as if he's found some money.

Eddie nominates Wally for class president and Wally has no interest in the position, that is until Ward gives him some encouragement. Wally quickly gets wrapped up in the election and his friends see a change in him, a change that prompts them to vote against him.

Wally gets a job selling Igloo ice cream and quickly finds himself giving credit to everyone, including Eddie. However, as the day approaches that his money is to be collected, Wally scrambles to get those who owe him money, to pay up.