You can create as many calendar folders as you need with the File | New | Folder command. You might find, however, that using one calendar and different categories is better, because it means you'll get reminders for all events.
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Sue Mosher, Outlook MVP
Outlook and Exchange solutions at http://www.slipstick.com
Author of
Microsoft Outlook Programming: Jumpstart
for Administrators, Power Users, and Developers
Sue - can you view the multiple calendar entries on your main calendar (ie to change views on your main calendar to only see your own appointments or to include your kids' entries)?