ZachyBeat :
I have a hard time believing that it's the PSU. If you have an extra one or if a friend does I would test it in your system for a few days and see. Your system doesn't draw anywhere near 500w. It is possible you got a lemon and yes I understand there is a PSU Tier list. All components are going to have bad reviews but looking this one up I found only the odd negative review here and there which is to be expected with all products.
Simply saying it's the PSU is like a mechanic that changes parts without diagnosing the problem. Is your PSU under warranty? Can you send it back for them to test and possibly replace if something is wrong? I would recommend a little more diagnosing and unfortunately I don't know a whole lot about PSUs but I have a hard time immediately blaming it, especially since you said it's been working fine previously.
I've personally had this problem before, so I can say I'm an inexperienced person speaking from experience.
The problem is that many companies advertise a much higher watt on their psu than it really is. If it's genuinely 500w, go for it.
What else could cause this problem though? Not saying it isn't the motherboard, but a $30 psu is very likely going to break.