R.D.
My kids are the same age. If they continue to do something I've asked them not to, I make them come up with their own punishment ;)
I'll say 'what do you think the punishment should be for running in the house after I've told you not to?'
The girls will suggest no snack, no tv (my 7 year old always offers to rub my feet, LOL!!), early bedtime... I'll let them rattle off a list, pick one, and then they both get time out. For some reason, choosing their own punishment ALWAYS gets them in tears because they actually have to think of the action, COME UP WITH the consequence, and THEN suffer through time out, where they have to think about what they've done ;)
Needless to say, my example of running in the house, has not been repeated!