Start with an empty can of formula
Peel off the label
I used scrapbook paper to "decorate" my can, it can either be glued or taped on. There are many ways to get fancy with this, but my time was limited.
Wind your yarn into a center pull ball or whatever kind of yarn ball you usually make. This is the link to the tutorial I used to make my yarn ball. Which is super easy.
When you are finished with your yarn ball drop it in your can. I didn't measure the amount of yarn that fit into this can, I just kept winding until it fit in the can without forcing it. Again, this is extremely amateur.
Take the lid and cut a small hole in the middle (mine is 1cm). If you have a drill or dremel handy this will be perfect for that, or if you don't (like me), I used a small exacto knife that I use for scrapbooking. Then, using sandpaper, (or if you don't have any, maybe a nail file, like I did) smooth the edges of the hole you just cut so it doesn't snag the yarn.
Now take the string that is coming out of the center of yarn and put it through the bottom of the lid. Replace the lid with the string hanging out and Voila! Your very easy (upcycled) yarn ball holder, for smaller projects of course.
Thank you for your interest in this tutorial! Have a Happy New Year and many blessings to you and your family in 2013!