Budgeting

Keeping Track of Project Spending

Joshua Burks is building a Glen-l Zip, a classic 30’s Chris Craft style run about. As well as being deeply impressed by the quality of his build – I love the way he is keeping track of how much money and time he is spending on the build. Here is a recap of his method.

Joshua keeps a monthly and running total of both time and money spent. He displays these on two separate white boards on the wall of his shop. Everything is also broken down in sub-catagories so he can see he spent 37 hours working on the boat in March 2015 but also a total of 33.5 hours fairing and 31 hours painting so far….

Time Spent on Project Tracker

Money Spent on Project Tracker

Joshua keeps all his receipts in gallon zip lock bags, with a running total cover sheet. He has different bags for different categories he is tracking. Initially Josh was using envelopes to keep his different receipts but he quickly found that it wasn’t a very good solution. I really like his idea of using zip bags. Because they are transparent, you can easily see the running total cover sheet. They are great for a workshop environment or for working on a boat where they will protect the papers inside from dust, and from spills and drips…. I also like his simple pen and paper accounting approach. It’s easy to add you latest purchases to the running total when you put the receipts in the bag. You are a lot more likely to actually do this – compared to tracking everything in excel – which is something you have to do later when you are in front of your computer…

Keep Project Receipts in a Zip Lock Bags