Attilio and Emilia are two newlyweds who love each other madly despite the extreme poverty in which they live. Their relationship is contrasted by that of Domenico and Sofia, the owners of their house, who live in constant conflict. When Christmas arrives, despite their poverty, the two young people decide to give each other gifts: Emilia agrees to cut and sell her long hair to buy a chain for her husband's watch, while Attilio sells his watch to buy a hair clip for his wife.