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Money in the News: A Mix of Good and Bad

Get Rich Slowly had a guest post about how a man got $8,000 in debt due to his generosity in order to comfort himself.

I recently saw my therapist after a small hiatus, and he asked me how I was feeling.

“It’s winter in Portland,” I said. “Take a guess.”

“How is your spending?” he asked me. “Have you been shopping?”

“No,” I said. “I cut up my cards, and I’m paying down my debt, so no, I haven’t been shopping. I don’t do that anymore.”

“Then no wonder you’re having a tough time,” he said.

“What do you mean?”

“Spending money was your main coping mechanism,” he said. “It was how you comforted yourself. And since you haven’t been doing that, you must be in a hard place.”

Dealbreaker posts about a receipt found in East Hampton of a millionaire.

CNN Money posts about how amazon.com is dropping California associates to avoid paying tax.

“We oppose this bill because it is unconstitutional and counterproductive,” Amazon wrote in its letter to associates. “Similar legislation in other states has led to job and income losses, and little, if any, new tax revenue.”

WalletPop posted 6 ways to save money in the second half of the year.

Summer is a great time to set up a savings plan for your holiday spending. Calculate how much you want to spend this year, and get a head start on budgeting for the holiday season. Set up an automatic deduction plan from your savings account or your payroll check, and commit to saving a certain amount each month going forward until it’s time to start shopping.

About Crystal Groves, Google+

Crystal Groves is a farmer, web developer, musician, blogger, and personal finance enthusiast from the back hills of Maryland and Pennsylvania. She started Money Drain as a project to encourage people interested in fixing their financial situation to share their stories and learn from the stories of others. We all make mistakes, but in order to change we have to make changes.

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