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Only use spackle on plaster walls when the imperfection is small. It’s best used for nail holes or small dings in the plaster. Spackle dries quickly, allowing you to continue the repair process shortly after using it. Plaster can be tricky to repair, though, so if you run into issues, call a pro so that you don’t risk further damage.

Smaller is better when patching holes with spackle. Any holes wider than four to six inches in diameter tend to be too wide to repair with spackle alone. You'll likely want to patch bigger holes with a drywall panel. 

Even holes measuring up to 6 inches may be challenging to fill with spackle alone. For best results, purchase a wall repair patch made from wire mesh. Cut the patch to fit over the hole, then use the spackle to hold it in place. Apply the spackle over the patch as you would for a smaller hole.

Applying plaster to a wall will usually cost between $2 and $10 per square foot for both the material and labor. The cost will vary based on the quality of the plaster you’re using and whether or not prep work is required before the work begins. Wall prep can add up to about 10% to your total costs. Plastering exterior walls can be more expensive in many cases because they are taller and require scaffolding and safety equipment.

Although their applications are very similar, no drywall compound and spackle are not the same thing. Spackle is a bit thicker and is used to patch holes as it dries quickly and is easy to sand. Joint compound shrinks a bit more and can be more temperamental to spread. However, one benefit is that you can use joint compound as spackle (for small jobs), but you can’t use spackle as joint compound.