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Although they are used for similar tasks, spackle and joint compound are not the same. Joint compound, also known as drywall mud, consists of limestone and gypsum and is primarily used for large-scale projects like taping and finishing seams on new drywall. Spackle is composed of gypsum and binding agents, making it a thicker compound best suited for small wall repairs like filling nail holes or cracks, as it dries quickly and is easy to sand. For small repairs, either product can be suitable. However, you can use joint compound for small jobs in place of spackle, but you cannot use spackle for large-scale taping and mudding projects.

Drywall anchors won’t work on plaster. Instead, they will more than likely cause more damage and pull out the plaster. The best type of anchors to use on plaster walls are the ones that will bite into the surrounding area, such as molly bolts and toggle bolts. Masonry anchors with expanders on the sides also work for lighter pictures.

Both plaster and drywall are durable wall finishes, but they differ significantly in installation, cost, performance, and aesthetics.

Installation & Cost: Drywall installation is faster and more affordable, typically costing $1.50 to $3 per square foot. It uses premade sheets, making it a more accessible DIY project. Plastering is a labor-intensive craft that requires specialized skills, pushing costs to $2 to $10 per square foot. It involves applying a wet paste over a lath framework.

Durability & Performance: Plaster is generally more durable, longer-lasting, and provides superior soundproofing. It is also a better insulator, which can help reduce energy costs. Drywall is easier to remove for future renovations.

Aesthetics: Drywall provides a smooth, uniform surface ready for paint or texture. Plaster offers a high-end, naturally textured look that can hide imperfections and is often preferred for achieving a classic or historic aesthetic.

Which is better? The choice depends on your priorities. Drywall is ideal for those prioritizing a lower upfront cost, faster installation, and DIY potential. Plaster is the better option for a higher-end project where durability, soundproofing, and a unique, premium finish are more important than the initial cost.

When choosing materials for finishing basement walls, consider factors such as moisture resistance, durability, and fire resistance. Opt for materials specifically designed for basement environments, like moisture-resistant drywall or cement board. Insulation with vapor barriers can help regulate temperature and prevent condensation. Consider using mold-resistant paints or coatings. 

Research and consult with experts to select materials that are suitable for your specific basement conditions and intended use. Prioritize quality and compatibility to achieve long-lasting and aesthetically pleasing results.