Here is a recipe to make your own watercolor paints. They make a good children's substitute for the commercial product.
To make 2 floz/60ml
1 tablespoon white or cider vinegar
2 tablespoons baking powder
1 tablespoon cornflour
1 teaspoon glycerin
2 drops food coloring
1 teaspoon water
Mix the vinegar and baking powder together in a small bowl; add the corn-flour and glycerin when the baking powder stops foaming. Stir in the food coloring and add water if the solution seems too stiff. Store in a tightly covered jam jar or plastic container.