After seeing an advertisement in a comic book, Wally and Beaver decide to send away to Florida for an alligator, in order to keep it in their bathtub. However, when Ward and June discover what the boys have done, they make the boys donate it to a local alligator expert's animal park.

When Beaver loses his lunch money more times that Ward cares to count, he lectures Beaver about the importance of responsible money management. At first it seems that the Beaver takes Ward's word to heart, but when he accidentally loses his money for a haircut, he frantically turns to Wally for help. However, Wally accidentally scalps Beaver when he gives him a free haircut, resulting in the boys having a hard time keeping it from Ward and June.