Lucy thinks that Ricky is pitching woo with a sophisticated neighbor. The woman is actually a jeweler who Ricky has commissioned to fashion a pearl necklace to surprise Lucy with on their anniversary. Lucy takes to spying before the deal can go down and almost loses out on her big surprise.

Lucy's women's club wants to stage an operetta, but they're completely broke. (Lucy, the treasurer, seems to have spent it all to pay her own bills.) Thus, Lucy and Ethel write and star in the musical, but when their postdated check bounces for the costumes and scenery, the rental company repossesses everything in midperformance.