Good idea for memories over the school years. Make one for each child and then add hanging folders that say "Pre-K through grade." Save things that come home during each school year (report cards, drawings, certificates, good grades, etc.
I like the idea of a lollipop using paint chips but I dk if I'd ever make a card like this though. What an adorable use of a circle punch! Paint chips would be great to punch for these, just pick your favorite colors.