1/2 cup Elmers All purpose glue
1/4 cup Liquid Starch
Liquid food coloring
Pour glue into container, add food coloring and 1 tablespoon of the liquid starch. mix thoroughly to get an even texture. Continue adding starch 1 tablespoon at a time and working into a smooth putty with your fingers.
I've never made this but always wanted to but it was never in any of my daycares budget or i wasn't working with school agers.

We used to make this type of putty with powdered borax. A box was about $6 and lasted most of the year. The hard part was finding the Borax, not all grocery stores seemed to carry it.
I bought my borax at walmart..I think I have some in the basement but no white glue..I would love it..forget the kids!!