Affect is a verb – “to affect” – meaning to influence or have an impact on something. Effect is the noun – “an effect (a positive or a negative effect) is the result of being affected by something. There is also a verb “to effect”, which means to bring something about – “to effect a change”.

Would effect or would affect?

effect. Affect is usually a verb, and it means to impact or change. Effect is usually a noun, an effect is the result of a change.

How will this affect me or effect me?

The everyday use of 'affect' is the verb, meaning 'to influence' (his mood affected me greatly), but it also means 'to feign' (he affected nonchalance). The everyday use of 'effect' is the noun, meaning 'result' (the effect of this has been to make him proud) or 'influence' (he has had such an effect on me).