I don't spend much time on spelling. I "do" spelling in every subject, sounding out the word, learning about spelling rules, finding the word in the dictionary, etc. But I don't set a period aside each day to do spelling. On Monday we take our pretest and we work on the skill for that week. I give them some kind of activity to do based on the skill for that week. If the skill set is long and short vowels, they might be dividing up their list. If it's compound words they will separate the word and draw a picture for each part. If the skill set is multisyllable words, they would write the word and how many syllables it has. You get the idea.
I do not use the worksheets that go with the series. I find them to be very boring and more busy work than anything. Sometimes they are helpful and I will use them then. But other times I find them pointless. I certainly don't want to use my precious time looking over work that I find pointless and I don't want to do that to my students.
I give spelling homework twice a week. Mondays and Wednesdays they just have to study. Tuesdays and Thursdays they get an actual assignment. Below are some assignments I give. If you have any to add, please do in the comments. If you want to know more about the assignment, let me know and I'll send you a copy of the sheet I give the children.
Five times each
How many syllables?
Words in a sentence
How much is your word worth?
Word within a word