Patch a Hole in Drywall: $8 or less
You can fix small holes and minor drywall damage in less than an hour. Scrape the area smooth, using a putty knife. Use the putty knife to fill small holes with ultra-light spackle. Sand when dry. Cover larger holes with nylon drywall tape, then use a broadknife to smooth a coat of joint compound over the area. When the compound is dry, add a second coat, feathering out the edges. Allow to dry. Sand, prime, and paint the repair.
How to Patch Textured Drywall