In this Home & Garden video tutorial you will learn how to fix a small hole in your drywall. This video is from www.fixitfromhome.com. The cheapest way to fill a hole is to get some dry wall compound, a plastic knife, sponge and a small brush. Take a little bit of the compound on the knife and fill the hole. Press it slightly so that no gaps are left inside the hole. If the rest of the wall has a texture, to match it with the texture, clip the end of the brush, make it damp and just brush the filled hole. After it is dry, remove the extra compound with the sponge. Wait for 4-5 hours before you apply any primer or paint.
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