It depends on what types of colored contact lenses you purchases.
For daily disposable colored contact lenses, the answer is no. Daily contact can only use for once after you take it out. It is designed for daily usage and should disposal after no longer than 10 hours of usage. Since daily disposable colored contact lenses normally have high water content, it is good for people who suffer from eye dryness.
For long-term used colored contact lenses, you can reuse depends on colored contact lenses period. For example, you cannot use over 1 month for monthly contacts, it will cause hygiene issues and will damage your eyes very easily.
But it is always a great idea to clean the colored contact lenses frequently and store them in a clean container for future use.