Here is the junky frame to start.
I painted two coats of craft grade acrylic paint (the kind that costs less than a buck at Michael's), and sanded some areas for a shabby chic distressed look. Here is a close-up of the distressing.
I then cut a piece of coordinating scrapbook paper and placed it in the frame.
The finished product! As my tasks are completed, I simply wipe them off the board!
Dry erase markers (set of 2) $1.47
Paper and paint (I had on hand)