The Higginbottom household is forced to change dramatically its affluent lifestyle after Professor Higginbottom learns that his chemical company has gone into receivership, cutting off the family's income. Mary "Lambie" Higginbottom, the oldest daughter, tries to cut corners but has a difficult time influencing her siblings' spending habits. Babs is too preoccupied with the prowess of her ex-prizefighter boyfriend Bibbs to be concerned with money matters, and her spoiled sister Genie and brother-in-law Lionel are of no help either. Dick, the youngest child, bravely attempts to win $500 in a motorcycle race. Tragically, he crashes his bike on the speedway and paralyzes his legs. It is Spunk Hobbs, Bibbs's manager, who finally solves the family's problems. If Bibbs wins one last boxing purse, the family will be able pay for Dick's surgery, and if Spunk marries Lambie, she will gain control of enough stock shares to vote her father back in control of his business. In the end, Bibbs wins the match, Dick is cured, the business is saved by the promised union of Spunk and Lambie, and Bibbs is free to retire once more and pursue his new passion--Shakespeare.