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Money in the News: Money Drain Awards

We Saved By The Bay posted their own personal “Money Drain Awards” on how they’ve thrown money down the drain in the last year.

I mentioned in my post about Perk Spending how I tracked both my husband’s and my expenses for an entire year from June 2010 to June 2011. Seeing our monthly spending averages broken down by category, we understood that we were between the devil and the deep blue sea. We could either continue spending on everything we wanted but carrying a large amount of debt, or we could give up our perk spending in an effort to start significantly paying down the debt.

Forbes posted 20 ways you are getting ripped off.

What better time, then, to shine a light on all the overpriced stuff–rip-offs, you might call them–draining your already depleted coffers?

We’re not talking about fraud here, though there’s certainly a bit of that going around too. We’re talking about all the ways, within the law, that we allow ourselves to get taken for a ride.

The Consumerist posts about an elderly couple that thought they canceled their insurance and ended up overpaying $5,000.

The two thought the coverage was canceled when they used a local broker to switch to another provider. The insurance auto-deducted from their bank account and it was two years before they noticed the monthly payments for $207.48 for Medicare Advantage deducting from their account. When they called Anthem, the insurance company said they had no proof that the couple ever canceled and asked for more documentation.

Mail Tribune posted their thoughts on how the Debt Ceiling Disaster could have hurt Small Investors (I know this one is a little late, but it gives an alternate perspective).

So what’s an average Joe or Jane to do? Get out of stocks until the debt-ceiling showdown is resolved? Get into bonds? Put savings under the mattress?

Most investment advisers say to stay the course, with a caveat.

Wallet Pop posts about common embarrassing money issues for men, and how to resolve them.

But unlike embarrassing money issues that women have, the red-faced financial moments that men experience can often feel more personal.

After all, men frequently have their self-esteem, identity or feelings of self-worth wrapped up in financial matters – all of which makes dealing with awkward money incidents particularly unsettling.

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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