Have you heard of a dermatograph? It's a wax (I think? at least this brand) stick wrapped around paper. They say you can use it to write on different media, but I use it as a replacement highliter for words written in newsprint. This is because normal highlighters are too thick and tend to stain the other side of the paper.
Pros
-cheap (Less than P15 or around $0.50)
-come in a variety of colors
-convenient (no need to sharpen)
-fun (I love the unrolling process)
-allows you to track usage (unlike highlighters that will run out unexpectedly)
Cons
-lighter than highlighters (you'll have to use a heavier hand)
-like a pencil: it can break unexpectedly, and you'll never be able to use the stub when it's about an inch long
-string may give out
The Lioncity Dermatograph tends to be variable in quality: some sticks are definitely better than others. I can work around some of them by using my fingernails to remove the paper if the string breaks, but it gets really annoying.