The kids sent in gift cards for each teacher and I arranged them in alphabetical order in the books using "On the # day of Christmas [child's name] have to me..."
I put some cards in little envelopes, some I attached directly to the page. I used various Christmas cardstock for the pages.
When I had them ready I took them to my local Office Max and had them do the clear cover, a solid color back cover, and the black spiral binding. They turned out great and the teachers loved them. It was a bit labor intensive (and I had to keep reminding the parents to send in the cards) but it was worth it!