Homemade Honey BBQ Sauce

I'm trying to stop purchasing convenience-type items that really can be quite easily made at home and have a lot less "junk" added to them.  I have been on the hunt for a really good homemade BBQ sauce. This one still needs some tweaking for my tastes, but overall it's not bad!  I also love that it's not a ketchup-based recipe (i.e. yet another processed, sugar-filled product), and that it's a recipe where I have all the ingredients on hand in my cupboard, so there's no excuse not to make it.  (Not to mention, I can pronounce all the ingredients! ;))

Ingredients:

1 can tomato paste
2 Tbsp. balsamic vinegar
1/4 c. brown sugar
1/4 c. honey
1 Tbsp. molasses
3/4 tsp. salt
1/4 tsp. dry mustard
1/4 tsp. garlic powder
1/4 tsp. all spice
1/4 tsp. paprika
1/4 tsp. chili powder
black pepper (to taste)
1/3 c. water

(**If you prefer a spicier and/or smokier sauce, go ahead and add in those ingredients with the first 11 listed above)

In a small saucepan, combine all the ingredients *except for* the black pepper and the water, stirring well.

Place saucepan over medium heat, stirring the sauce until it's completely mixed together, which takes all of a few seconds.  Next, pour in the water.  Whisk it in until it's combined.  Continue to stir the mixture over medium heat until it starts to thicken up a little and become bubbly.  When it starts to bubble, add the black pepper to taste.

Remove from heat and continue to stir the ingredients for another minute or so.  Allow the sauce to cool, then place in an airtight container.  It can be stored in the refrigerator for about a month.