I recently had an incident with my favorite guitar that ended with the guitar falling onto a concrete floor (and I promise you, nothing has ever hurt me more). There is now a giant chip in the paint on the body that leaves a large chunk of wood underneath exposed. Right now, I have it covered with duct tape because it's still playable, but the chip is right where my arm goes to strum and it's uncomfortable to play unless the tape is there. How would I go about filling in the chipped paint and hopefully make the guitar look like new WITHOUT a complete refinish? Thanks in advance.
Guitar strings are $8.50 a pack and that's just too much for me.
Unfortunately, it is a bit hard to do as a DIY unless your skilled at it.. there are numerous tutorials that give instructions how to do it.. if the guitar is a solid color like.. let's say black or white or red.. and you are able to find the exact matching color.. your in luck.. you might be able to fill the exposed part.. but getting it near perfect is difficult unless you follow the steps as mentioned.. paint a thin layer in the exposed wood area.. and do multiple layers until it is almost even then use the clear top coat to protect the paint finish.. use 1000 to 2000 grit sand paper to make the area even and use polishing compound and buffer (lots of elbow grease) to bring shine back.. but if the guitar has sunburst or has patterns on it.. that is harder to match..

Search videos by stewmac or other DIYers on YouTube.. that way you get what I'm taking about.

I forego the last process.. when people see my guitar they know it has plenty of mojo.
I have Washburn guitars 'Maverick Series' and bass 'Bantam Series' and a few pedals and amps, but man I wish to have more patience and drive practicing my playing, if it's equal to the modding itch, then I'm golden.
Maybe not the answer your looking for but if it were me I would just lightly sand the area to smooth it out so it felt better, but paint chips don't really bother me.. It would look like the finish just wore off from playing since it is in the area where your arm is
fill it in with superglue.  lightly wet sand it with some 1500 or finer grit sandpaper.