Conflict: Della and Jim loved each other very much, but they were poor and lived in an apartment that they were living in. She wanted to buy Jim a nice gift for Christmas because it was the next day but she only had $1.87 which wasn't enough.
Rising action: Della decides to sell her hair to buy a gift worthy or Jim. She gets $20 so she can buy a chain for Jim's heirloom watch.
Climax: Jim sold his watch and bought Della a set of combs for her hair and the exchange gifts.
Resolution: Even though they lost something that they really care about for each of them, they still love each other and they learned a valuable lesson about sacrifices and love.