Erica Bohrer's First Grade: Math Rings, Flashcards, and Mini Posters - download free from her blog
I love, love, love this idea! The students each have a math ring that the math facts and concepts they need to work on are attached to, kind of like a key ring. When they have learned that fact or concept, the teacher takes it off the ring. When new concepts/a new unit begins, then new flashcards are added. A note to the parents lets the parents know what to do with the cards in order to support their student's learning.
When switching out baggie books the other day, I saw that the first grade teachers at my current school do this with sight words. I'm so going to do this with my students!