I was looking at my school day treasures book the other day and I was so thankful that my mother kept it for me until I was able to take it over. Its a little on the damaged side but it has become so valuable to me to look back and be reminded of the simpler times and how I have changed over the years. My next photo project is to scan all of the pages and mementos and turn it into a photo book so it can last me for several more years and my kid can get a kick out of laughing at pictures of my younger self and read about what I wanted to be when I grew up.
Its so important to collect, secure and organize kids memories for them to enjoy upon adulthood. Its such a thoughtful gift to give them one day to reminisce over. You'll want to get started at the beginning of a school year because its the easiest time to set it up while you are prepping for back to school.
It doesn't matter if they're a little older now as most people still have those lifetouch photo bags with left over school pictures from when they started school, so you can at least fill out most of the pertinent information and post a photo from previous years.
You can certainly purchase pre-made books like this for memory collecting at dozens of retailers, but they are often too small to keep much in the pockets and can get expensive. if you want to keep costs down, you can build your own for much less. All you need is a presentation binder of sheet protector pockets and some printables. I have provided links to access both below.
As far as what to keep in the pockets, report cards, class pictures without the cardboard frame, awards, samples of their work and photos of their art projects are the most popular but keep anything small that will make them go "awwwwe". Have fun creating your school treasures book!