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If savings account interest rates are very low, then every dollar you deposit may earn little or almost no interest. At the same time, increasing prices of consumer goods mean that you can buy less with a dollar tomorrow than you could today. If you choose to save your money instead of spend it, are you actually losing money?

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If you choose to save your money instead of spend it,  you are actually losing money.

What is savings account?

Savings account can be defined as the account that enables you to save while you earn interest on the amount save based on the fact that saving account is an interest bearing account.

Based on the scenario in a situation were the dollar amount you saved generate no interest while on the other hand there is increase in the price of good and services you are actually losing money due to the purchasing power.

Therefore If you choose to save your money instead of spend it,  you are actually losing money.

Learn more about savings account here:https://brainly.com/question/25787382

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