For this costume, I made a pinata. I did this by free hand cutting felt and hot gluing it onto a shirt and a skirt that I already had. I got two party hats, cut the felt into smaller sections, using the same color order as my outfit and hot glued them to the hat. I cut the sleeve off my shirt and covered those with felt, I wore that as my leg warmers. I lined the skirt and the leg warmers with a lime green ribbon to make it a more complete look. I got a round stick from a craft store and glued streamers, also closely matching the colors of my costume and in the same order.
To make this a couple costume, the other can dress as a Senorita or Senor. For us, he wore the traditional cinco de mayo top and a sombrero!