Help your kids find ways to remember the school year, their teachers, and friends whom they may or may not see again next year.
Pick up an inexpensive, light colored t-shirt and a fabric pen (or several pens in different colors) and let your kids have their friends sign the shirt. My kids do this every year and have collection of them. Whenever we clean out closets or drawers, they find them and take a trip down memory lane.
If you prefer not to have children writing on clothing, help your child make an autograph book. Just staple several pieces of heavy paper together and make a cover with felt or cardboard covered with fabric, contact paper, or leftover wallpaper.
Also, consider purchasing a disposable camera so your child can take a bunch of fun pictures. These can later be added to a keepsake book or memory book, like the ones posted here previously, or placed in a scrapbook.
Another idea is to help your kids make farewell cards for each of their class members or for special friends. You can use cardstock or construction paper and let your kids design them. You can also set them up on the computer and print them off. If you have a picture of your child on your computer (or have a scanner or a digital camera), re-size the picture and print a bunch of small copies of it to add to the cards. Make postcard style cards to save paper and ink, if you plan to make a lot of them.
For extra special cards, add candy. Just make a small slit on one side and another slit a couple of inches below it so you can insert a lollipop (this is a great way to make birthday party invitations and Valentine’s as well!).