Affect is a verb. Meanings: influence; involve; concern; change; shape
Effect can be a noun as well as a verb:
(a) Effect as a noun means: result; consequence; outcome; end product.
(b) Effect used as a verb means: achieve; cause; produce; bring about; provoke; stimulate
1. The mentor's superb guidance affected Deepak's contributions to ISC and helped him to increase his earnings.
2. The sudden death of Manish's parents drastically affected his behaviour.
(a)As a Noun: The effect of the new medicine was instantly seen, as Shanti's fever abated quickly on taking it.
(b)As a Verb: By effecting new training methods, the coach succeeded in getting the soccer team back to its winning ways.