Hello, they already make things like this child guardian alarm which can be 
found at this sight.
Consists of a key fob, you hang on to, a receiver unit which can be paged and 
which will make a sound when you push the button on the keyfob and it comes 
with a small fanny pack to house all in.
Sounds like it would be the ticket.
I use this to keep up with my kid in the park and so on.
If it is too loud...
There's always wrapping in a sock or something and duc tape.

http://www.familydefense.com/childguard.htm

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