I would make it like a scrapbook. Is it a boy or girl? You could use a 3 ring binder in pink or blue, or you could use a binder out of Christmas colors.
Make your pages and put them in clear plastic page protector sheets. You could include Christmas stories, pictures, and include other sheets that you have already prepared for adding photos to later, such as Christmas dinner, opening first present, Christmas morning, christmas outfit.....
If you get a binder with a clear pocket front, you can decorate the front or insert a photo (8 x 10) there as well.
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