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Spackle is convenient, easy, can be bought in small size, some dries reall hard & shiny, so sand it off good after it dries. For small patches like picture nail holes, creacks above doors, etc. Sometimes can see hard shiny spot where spackle is after painting.
Drywall compound is sold in larger amounts, smallest size might be 5 lbs of dry powder you mix with water, which is easy. Dries with same "soft" texture as the drywall. Not hard & shiny like some spackle.
Use drywall compound for big punch outs like doorknob through wall, knee through wall, etc., where you're laying in a piece of drywall as a patch, then apply drywall tape (is inexpensive) all around the seam, then drywall compound over that. If you feather it out a good distance away from the seam, then after sanding & painting, no one will know it's patched. Invisible.
Small spackle $2 range. Small drywall compound & drywall tape setup maybe $7 range. Home Depot.