I use weekly newsletters in my classroom to help the students keep their homework and weekly spelling words organized and to keep parents informed.
It allows parents to see what their child is learning in class, important updates/information, and their weekly homework and tests.
The newsletter comes in black/white and in 5 colors. The color version is great if your school has colored printing or if you send your newsletter through e-mail.
I've includes the template which I use in my classroom and a template which you can edit to fit your needs.