Every school year, I buy a cheap pack of wooden clothes pins from either the dollar store or Walmart for this purpose. Once we know our class lists, I write each child's name on a miniature accent and hot glue it to the clothes pin. I then put a strip of fun tack on the back of the clothes pin to adhere it to the wall. I've had very good results with this over the past few years. I've also seen a variation on Pinterest where a flat metal thumb tack is hot glued to the back of the clothes pin to stick into the wall...however, since fun tack doesn't leave any marks on the walls and I've had really good results (i.e. no pins have come off of the wall until I've taken them down...even when holding heavier paper crafts!) I'll be "sticking" with the fun tack (pun intended!!)
This year, I've incorporated clothes pins in several other ways in my classroom to help keep the kids and myself organized (thanks again to Pinterest!) I sense another blog post in the works... :)