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Take the paper pattern off of the wall and tape it onto your patch material.

Use a razor blade or box cutter to slice along the crayon markings, which should outline the exact size of the patch.

You can use the saw too, but that tends to create a big mess.

Once you've cut most of the way through the drywall (assuming the cut is along a straight line), you can just snap it along the cut.

Snapping the top piece.

On the first attempt, the patch might not fit into the hole.

You may have to trim a little off of the sides to get your piece to fit.

Once you have a replacement rectangle of drywall cut, build some support to keep it securely in place.

Clips wouldn't do a good job supporting this narrow strip of patch, so I opted to use a 1"x3" stick of lumber for support.

You might find yourself back to Home Depot, cutting a two foot length of pine 1x3.

Get a stick a bit longer than the patch, so that you can secure it to the wall above and below the opening of the hole.