We grabbed these 4x6 inch photo albums from our local Dollar Tree, but I've seen them at Target and Walmart too. They have pre-designed covers that you can just pull out and replace with your own.
My kids drew the family pictures on 4x6 inch white cardstock (I traced my daughter's hand for her contribution). Then I scanned the four pictures and made 12 copies (we made 12 of these photo albums).
We slipped in the 4x6 copied pictures from the kids and the 4x6 family photos.
Easy, simple...and a heartfelt gift for all our grandparents. I also made my muscle man one to take to work - a dad brag book.
Go for it - you have time! Print some pictures, hand the kids some crayons, and make some this afternoon. If you are like us, the kids are on Christmas break and needing some productive activities! It might give you a break from the constant "how many days until Christmas?" and "can I have some cookies?" questions.