Make an art book. It can be as simple as a 3-ring binder with art projects in protective sleeves. Add to it from time to time and watch the progress.
Make a thanksgiving journal. Let each family member write things for which they are thankful. Add to it throughout the year.
Begin a scrapbook with pictures and mementos collected this week.
Start a "We Remember" book where God's blessings are recorded. Include those miracles that grandparents and the older generation have shared.
Remake an old piece of furniture. If it's a thing of beauty, it may be handed down to your posterity.