We promised that we would give ideas for cheap and easy scrapbooks, so here is one for now, but we will post more later. This one came from Martha Stewart's Good Things for Kids. It was from an old issue, so we couldn't find the directions online, but they are pretty easy to figure out just from looking at the photo below:
This was made with 5x7 notecards and an old keyring. You could add more embellishments to dress it up a little. This would be an easy for older kids to create on their own. Please feel free to post your ideas, too!