As verbs, effect means to bring about, or to have the result that, while affect means to have an impact on or to change something.
- The new manager effected changes in the department.
- The weather will affect the number of people walking today.
As nouns, effect means the impact something causes, while affect means the outward appearance of someone's psychological state.
- What effect did the loss have on the team?
- The woman took the bad news with little affect.