Source: Salesperson at Home Depot
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For home repairs on wallboard done easily and inexpensively, you might want to try this technique as many of us have a block of scrap wood available to do this job.
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We live in an old house that has many coats of paint on the inside walls. We painted the walls taupe and left the ceilings white.
I want to spruce up the house and there are chips out of the paint on walls, corners, etc. that show these paint colors that are buried under our paint.
By metroplex from Houston, TX, USA
I always have a small can of spackle on hand, You can buy it at WalMart. I use it whenever I change where I have things hanging on the walls in my apartment. I just use the tip of my finger and smear it on. The spackles that I have used in the past go on colored and dry white or off-white. You only want to buy a really small can, because you don't need much and I have had it dry out sometimes, because it lasts too long.
Now for this project you should use the fluffy type of Spackle. Chip away any more of the loose paint chipping around those spots and just use one of those inexpensive plastic spackling spatulas to apply and smooth. Being that it is just chipping paint around those spots you should be able to smooth that spot out well enough using the spatula that you won't need to sand. Then just paint after a day of drying. Actually, I've even cheated and touch up painted after just a couple of hours of drying when it was necessary to get 'er done quickly. ;-)