I have been using a scrapbooking system that I really like and that I feel like I can keep up with fairly easily and tells the story of our family. I posted about it here. Unfortunately, it is just one book, so there is no way my kids can have something of their own to take with them. I recently came across this post.
I loved this idea and decided to try it out myself. The author of the blog I came across calls it a combination of a journal and a scrapbook. I found some cheap sketchbooks at Wal-Mart and used some metal embellishments I already had, along with some rub-ons in my stash. I glued the embellishments on with E6000 glue (amazing stuff) and that was it. I also got a couple of my new favorite pens. They are fine point sharpies, that don't bleed through the page. Love them! Anyway, I have been trying to write something about each child at least once a week and if there is some little thing that I want to keep for them, I just stick on the page with some scrapbook adhesive. For example, Blake's teacher sent him a cute Thank-you note after school got out, I wanted to save it, so I just stuck in his journal/scrapbook. It is a system that finally seems to be working for me.