Already (adjective) – used for saying something happened before now. e.g. We want a dog, but we already have a cat. I have seen her already this morning.
All ready – all prepared. We are all ready to go!
All of us are ready – e.g. We are all ready to go out (all five of us).
Affect (verb) – to influence or change. e.g. Inflation always affects our level of income; the divorce affected her very badly.
Effect (verb) – to bring about or cause. e.g. The Internet has effected a complete change in the way we do business.
Effect (noun): the result of some action. The computer has had a profound effect on our lives. The effect of painting with light colours is that the room looks bigger.