Rich and spoiled twenty something Jessie Montgomery (Sheedy) who learns a lesson after a life of wild partying winds up with her in jail. Her father (Tom Skerritt) decides he might have been better off without a daughter, and with that her "fairy godmother" (Beverly D'Angelo) creates an existence where she must make it on her own. Jessie is then forced to find work as a maid for an eccentric rich couple (Valerie Perrine and Dick Shawn).
The film is an unusual variation on the Cinderella formula: the fairy godmother is not a reflection but rather the nemesis. Stella is Jessie's primary obstacle to achieving her outer motivation...which is to regain her old Beverly Hills lifestyle.
In the end, however, through her experiences with the other people in the mansion (former singer turned cook Audrey, Hispanic servant Maria and chauffer Nick) Jessie learns the true meaning of love, friendship, and self-respect, and when she chooses the happiness of her new friends over her own, she is rewarded with having her old life more or less returned to her.