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 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.

Wally's latest girlfriend is Julie Foster who just happens to be the daughter of a Mr. Foster who teaches English. Meanwhile, at school, a new semester lands Wally in Mr. Foster's class and quickly finds himself feeling uncomfortable. Especially after Eddie tells him that his relationship with Julie will determine his grades.

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.

A party is being thrown at the dancing school where Beaver and Wally once took lessons and they're both invited. This prompts Beaver to ask one particular girl who caught his eye, Betsy Patterson, if he could escort her to the dance. However, once at the dance, he finds that Betsy has promised other boys that she would dance with them.

Wally's on-again off-again girlfriend, Julie Foster seems to have thrown him over for a new guy in school who just happens to have a mustache. Wally's ego is bruised when Eddie tells him that Julie thinks he's naive and immature. This is the last straw and Wally decides to grow a mustache, much to the dismay of his family.

Eddie has been seeing one particular girl, Cindy Andrews and she wants to give Eddie a birthday gift, so she decides to knit a sweater. She uses Wally as a model and he begins spending so much time at Cindy's that he arouses the suspicions of Julie, Eddie, Lumpy, Beaver and his parents.