You can make homemade "finger paint" with a few tablespoons of flour, a few teaspoons of water and a drop or two of food coloring. Tape a piece of wax paper to the table and let your little one swirl and smear till her heart is content. This is another great idea from Slow and Steady, Get me Ready.
I don't usually keep the pictures my babies paint with their fingers anyway, since all the colors just blend together into a big gray-green mess. So, I like that I can just pull the wax paper off, roll it up and throw it away. And, what's more, I love fact that I won't ever have to buy overpriced finger paint again!