Gracie and Blanche are upset when they find out what their husbands, George and Harry, are getting them for Christmas. So they scheme to get mink coats. But George makes sure that an old raccoon coat is part of the plot.
Now that Gracie has been hypnotized into becoming the smartest woman in the world, she starts winning quiz shows, while George is demoted to taking care of the household chores. Meanwhile, Blanche is hypnotized into having a mind like the old Gracie.
A 13-year-old girl has a crush on Ronnie, so Gracie tells the press that Ronnie is married. She then 'hides' the news from George by giving him yesterday's newspaper and turning the calendar back a day.
Gracie inadvertently passes evidence - a counterfeit $20 bill - to Blanche so she can buy the hat Gracie wants before the store closes. Ronnie's plan to thwart Vera's show business aspirations backfires when George hires her.
Ronnie receives his draft notice into the Army, so Gracie establishes a military regimen in the Burns household. Meanwhile, Harry von Zell is sure he can talk George into letting him have Ronnie's old room, rent-free.
In an attempt to help her family, Gracie upsets George's dealings with a television executive and almost breaks up Ronnie's romance with a hat-check girl. George feels it's the last straw when Gracie also loses the house key.
Ronnie's plans to spend the summer with his actor's stock company at the Big Bear Lodge are disrupted when his father learns that Ronnie is flunking Ancient History. George demands that Ronnie attend summer school, but Gracie has another idea or two of her own.