Take one huge stack of scrap paper:
Combined with an adorable girl who refuses to use "yucky" paper.
Figure out that she will use it if it's little.
Hack up the whole pile into 4ths.
Clothes pin into bundles.
Squirt some Elmer's all over one even-ish edge
Spread it around with your finger.
Let dry. Repeat the glue if you want to make it a bit stronger.
And Voila! A dozen really simple easy home made note pads.
Now obviously, if I wanted to make this look cute, I'd take the time to measure the cuts to make it all even, and make a cute little cover out of card stock. But this was just so my girl (who single handily could go through a ream of paper in a month if I'd let her) would have something to color on that didn't bug me.
*Also, I totally saw this idea a couple of years ago, only they made money books with 20 dollar bills glued together. I have no idea where I found this originally, but there's my attempt at credit where credit is due!