May 22, 2025
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Elon Musk has signaled that he plans to step away from the daily operation of the Department of Government Efficiency (DOGE). Still, the billionaire Tesla CEO has pledged that he won't abandon his efforts to curb government waste.
“I’ll have to continue doing it for, I think, the remainder of the president’s term just to make sure that the waste and fraud doesn’t come roaring back, which we’ll do, if it has the chance,” Musk said on a Tesla earnings call on April 22.
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While DOGE has faced criticism, JPMorgan Chase CEO Jamie Dimon has acknowledged the need for its efforts.
“The government is inefficient, not very competent and needs a lot of work,” Dimon said in a recent interview with CNBC’s Leslie Picker.
The discussion arose when Picker asked Dimon whether he supports the so-called “chainsaw approach” DOGE is taking to the federal government.
Although Dimon declined to give what he called a “binary” answer, he stressed the need for scrutiny in government spending — a key focus of DOGE’s efforts.
“It’s not just waste and fraud, it’s outcomes. Why are we spending the money on these things? Are we getting what we deserve? What should we change? I think doing that needs to be done,” he said. “I’m hoping it’s quite successful.”
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Regardless of whether DOGE’s efforts succeed, Dimon’s perspective can serve as a useful reminder in our personal lives: cutting waste isn’t just about spending less — it’s about making sure your money is working for you.
Here’s a look at four areas where you could save money in 2025 — and beyond.
1. Stop overpaying for car insurance
Car insurance is a major recurring expense, and many people overpay without realizing it. According to Forbes, the national average cost for car insurance in 2024 was $2,150 per year (or $179 per month). However, rates can vary widely depending on your state, driving history and vehicle type, and you could be paying more than necessary.
By using OfficialCarInsurance.com, you can easily compare quotes from multiple insurers, such as Progressive, Allstate and GEICO, to ensure you’re getting the best deal.
In just two minutes, you could find rates as low as $29 per month.
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2. Stop wasting money on bank fees
Bank fees can quietly drain your finances over time. Even comedian Bill Burr once complained to Joe Rogan about his bank taking $28 out of his account every month “for no reason.”
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In reality, many traditional banks charge anywhere from $5 to $35 per month in maintenance fees, overdraft fees and other hidden charges.
Online banks, on the other hand, typically offer lower fees (or none at all) and higher interest rates since they don’t have the same overhead costs as brick-and-mortar institutions.
For example, you can open a high-yield checking and savings account with SoFi and earn up to 4.00% APY Plus, SoFi charges no account, monthly or overdraft fees.
The best part? You can get up to $300 when you sign up with SoFi and set up a direct deposit.
3. Get more affordable life insurance
Life insurance rates are on the rise. According to the Swiss Re Institute, global life insurance premiums are expected to increase by 3% annually in 2025 and 2026.
If you already have a term life insurance policy, now might be a good time to shop around for better rates. Most term policies can be canceled without penalty, allowing you to switch to a more affordable option.
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With Ethos, you can get term life insurance in just 5 minutes — no medical exams or blood tests required.
And, you can get up to $2 million in coverage, starting at just $2/day.
Read More: Dave Ramsey says this 7-step plan ‘works every single time’ to kill debt, get rich in America — and that ‘anyone’ can do it
4. Save on pet care
If you have a furry friend, you are probably shelling out big bucks at the local vet during each visit. With only 2% of pets insured across the U.S., pet owners typically spend up to $186 on average for a routine veterinary checkup, and anywhere between $374 and $1,285 for an emergency visit.
You can cut down these costs drastically by getting pet insurance. BestMoney is an online marketplace that lets you compare pet insurance policies offered by reputed providers like Spot Pet Insurance, ASPCA, Pet Best and more.
You can compare the coverage benefits, deductibles (if any), geographical availability and reviews — all in one place. Many of the featured insurance providers offer customized coverage plans, ensuring your pet’s needs are met.
Get started and find offers starting at just $10 per month here.
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Jing is an investment reporter for MoneyWise. He is an avid advocate of investing for passive income. Despite the ups and downs he’s been through with the markets, Jing believes that you can generate a steadily increasing income stream by investing in high quality companies.
