Beaver wants to join a record club and asks Ward for the money to join. Fed up with Beaver constantly asking for money, Ward decides to put him on an allowance. However, Beaver is so thrilled with his records he disreguards the bills for them and quickly finds himself swamped with records, a rising bill and not enough allowance to pay for everything.

Beaver and Gilbert go to a carnival and Beaver surprisingly wins a fourteen caret gold locket in one of the carnival games. Beaver thinks about giving it to June but thanks to Gilbert, Beaver decides to give it to a girl whom he has a crush on. However, soon it becomes apparant that this was a mistake when the girl's parents discover Beaver's gift.