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Cut a pair of 212in (6.4cm) wide plywood discs using a hole saw. Attach cotton yarn or a store-bought yo-yo string to the spacer. Decorate your yo-yo, if desired.

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Use 34in (1.9cm) plywood to make your yo-yo. Cut out the 2 discs with a drill fitted with a hole saw with a 14in (0.64cm) pilot bit. If possible, avoid cutting out areas of wood with knots. If you don't have a hole saw bit, trace 212in (6.4cm) circles on the plywood, then use a jigsaw to cut them out. Picture each disc as a clock, and draw lines from 12 o'clock to 6 o'clock and from 9 o'clock to 3 o'clock. Then, for each disc, drill a 14in (0.64cm) hole at the center, or the point where the lines intersect. Wear protective goggles and use caution when working with saws and other power tools. If necessary, ask an adult to help you cut the discs. A store-bought yo-yo string has a loop at one end; slide that end onto the spacer. If you're making your own string, cut a strand of cotton yarn equal to the length between your belly button and the floor. Then tie one end loosely to the spacer, and make a slip knot at the other end. If you'd like, make designs on the sides of your yo-yo with felt-tip pens or paint. For instance, try making spirals or concentric circles in various colors. Alternatively, if you stained or oiled the surface, you could just leave the finish as is. You could also decorate the sides with cutouts as you would with a bottle cap yo-yo. However, you'd need to punch a hole in the cutouts and include them under the bolt head and locking nut. Unscrew the nut and take the yo-yo apart, stick a cutout over the outside of each disc with double-sided tape, then put the yo-yo back together.