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Another "calming jar" idea: your kids shake the bottle and then have to watch it till the glitter settles to the bottom. This one has the advantage of being in non-breakable plastic bottles. Also, you can superglue the lids on, so the kids don't open the bottles and drink the glitter glue while they're "calming down."
Have better time-outs! Oh, you're really upset? Hey look over here at this sparkly bottle. Shake it up. Watch it settle. All is calm and time-out is over! Now it's time to talk about what happened calmly.
Calming Jar :: Time Out idea. Fill w/ hot water, add 1 tbs glitter glue, 3 tsp fine glitter, & a drop of blue food coloring. Have the child shake the jar & watch the glitter fall. When all the glitter has settled (and when the child has calmed down), then their time-out is over. It's quite soothing actually