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This Calming Jar tutorial from Robyn Oakenfold is brilliant ~ it's a more positive "time out" than sending them into a corner, to their bedroom etc. The child shakes the jar and watches the glitter settle back down at the bottom. As Robyn points out, don't give the jar to a child who is in the middle of a tantrum as it will probably get broken. Of course you can always make a Calming Jar out of a plastic bottle instead of glass.
Time-out bottles. Fill a bottle with 3/4 water, one bottle of glitter glue, & ultra fine glitter. Then send this bottle with your child to timeout and they can watch it settle to calm them. Once the glitter is settled their time is up! wow this is such a good idea! if they mess with the bottle their time out time is longer... I am giving it a try!