First, clone the repository of the project :
  mkdir /tmp/project-name
  git clone ...
Create a packages.json file in the root, containing the following :
{
    "package": {
        "name": "vendor/project-name",
        "version": "1.0.0",
        "source": {
          "url": "/tmp/project-name/.git",
          "type": "git",
          "reference": "master"
        }
    }
}
Make your changes (and commit them), then test them locally :
composer create-project --repository-url=/tmp/project-name/packages.json vendor/project-name
To override some repositories with local copies (for testing commits/tags before you push them) you can add the following snippet in your composer.json (reference can be any branch):
    "repositories": [
        {
            "name": "kunstmaan/pagepart-bundle",
            "type": "git",
            "url": "/path/to/KunstmaanPagePartBundle/.git",
            "reference": "master"
        },
        {
            "name": "kunstmaan/utilities-bundle",
            "type": "git",
            "url": "/path/to/KunstmaanUtilitiesBundle/.git",
            "reference": "master"
        }
    ],