Affordable Compressor Water Filter

I have a cheapass water filter on my compressor. Pretty sure it's failed because the compressor gets water in it. I am getting to the point on the little car where I will be spraying with a sprayer and I want to do something about the water contamination in the air. What's an affordable water filter separator that actually WORKS? Don't come in here talkin about some bullshitter 700 buck air drier. I ain't got the resources for that so lets nip that in the bud right now. Thanks for any USEFUL ideas.