I first heard about Timebanking a couple months ago and have been hearing more about it lately, so I wanted to bring it out for discussion.
What is TimeBanking?
Basically it is like a bartering system where you exchange your time for another’s time. If you paint for one hour for another time-bank member, you will have a one hour credit which can be redeemed having someone do something for you. So after your deposit you could spend your credit having someone walk your dog for an hour, give you a guitar lesson, tutor your child, or do just about anything else.
Timebanks.org describes timebanking as…
At its most basic level, Time banking is simply about spending an hour doing something for somebody in your community. That hour goes into the Time Bank as a Time Dollar. Then you have a Time dollar to spend on having someone doing something for you. It’s a simple idea, but it has powerful ripple effects in building community connections.
Each Time Bank has a website where you list what you would like to do for other members. You look up Time Bank services online or call a community coordinator to do it for you. You earn Time Dollars after each service you perform and then you get to spend it on whatever you want from the listings.
Timebanking in the news
Good Morning America ran a clip on time banks and explained how the process works… http://www.youtube.com/watch?v=uR8ArHGgA7A
Is there a Timebank near you?
The whole idea seems to be taking off – especially with the economic challenges of the last year or so. Timebanks are popping up all over the U.S. and the world. Timebanks.org has a directory of banks in the USA if you are looking for one to join.