First, lightly sand the hole to remove any debris and rough edges.
We purchased a self-adhesive mesh bandage good for holes up to 5". It was about $3.00 at the store! They come in different sizes depending on the size of the hole you want to fix.
We measured the bandage on the hole to see if it needed trimming. We ended up cutting it in half.
The backing peels off and then you just stick the bandage to the wall over the hole.
Cover the mesh with your drywall compound.
Once it's dry, lightly sand the wall until smooth. You can reapply a second coat of compound if you need to and then resand again.
By now, you shouldn't be able to see any more of the hole or feel any bump on the wall if you run your hand over it. All that's left is to paint the wall!
Ta-da!!! Stand back and enjoy your hole-free wall! (and I promise we'll put the cold air return grill back up to get rid of the even bigger hole :P)
Psst - To see the rest of the bedroom projects check out the chair, the wardrobes, the bedskirt and the bench. To see the final reveal click here.