We make a "Baptism Binder" that we give to the child when we visit with them before their baptism.  It is a 1 inch 3 ring binder.  On the front is their name and date of baptism. 

Inside, it contains:

• A page with the baptism covenants (what we covenant and what the Lord covenants)
• A page with what it means to be confirmed
• A page for a picture dressed in white
• A page for the baptism program
• A page for the childs thoughts and feelings the day he/she was baptized
• A pages (lined) that we pass around while the child is changing clothes after the baptism before the confirmation.  They are  labeled "Those who came to my baptism and their feelings about today"
• A page for the Mother's Testimony
• A page for the Father's Testimony
• 2 pages for the grandparents testimony
• A full color page with the first presidency, our Stake Center, and our bishopric
• A page for them to trace their hand at 8 years old
• A page where they fill in the blanks about their favorite things at 8 years old.
• On the back cover is a poem about baptism.

We use scrapbook paper and put all pages in protectors. 

We have had SO many people comment on how much they love their "baptism binders". 
Several other wards in our area are now doing them.  However, they are a lot of work. 
I try to have everything copied and ready to go for the whole year. 
It ends up being a wonderful reminder of their special day that they can keep or add to.