A make-it box in which you put arts and craft materials will also be used for years, by all ages, for all things. Make one for each child or make a family box, depending on the budget. It has to be big enough to hold the size of paper you come up with. Find a small cigar size box to hold markers, crayons, pencils, scissors, etc. This can go into the big box, or be stored separately.
Decoration depends on budget and materials at hand.
Cover with contact paper, inside and out. Or cover the outside with brown grocery sack paper and decorate in your own style. Put each child's name on the outside. Add large plastic needles available at craft stores for crewel work and use the foam trays to teach your child to make designs using yarn. 3-D clouds to a landscape, or texture to a collage.