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Drywall is not the sturdiest of materials, and eventually you'll need to do some repair work to keep the wall looking its best. The fact that drywall is flimsier than wood also makes it cheaper and simpler to fix. You can never tell when you're going to need to patch up a hole, so it's best to assemble a drywall repair kit to avoid letting a hole linger for too long while you try to assemble what you need.
To get a decent kit started, you need are flexible knives, a screwdriver, a hammer, a drill, drywall saw, plus a knife for inside corners and a utility blade. Keep these items stored in a small tool kit or a box along with some drywall compound, paper tape (along with some mesh tape), nails made for drywall, and a box of screws.
Most everything but the tape and the compound can last for ages. Depending on the humidity in your area, the tape may need replacing if it's been sitting for a while. Drywall compound usually lasts about nine months at room temperature. If the container has no "use by date" legible, mark the date you bought it on the container in magic marker. Presto! You've got yourself a drywall repair kit!