Timebanking is a concept that is quickly gaining popularity as an alternative approach to traditional banking. It operates on the principle of exchanging time to deliver services and skills, rather than exchanging money. In a timebanking community, members offer their skills and services to one another and earn ‘time credits’ in return. These time credits can then be used to receive services from other members of the community.
The basic idea behind timebanking is that every hour of service provided by a member is equal to one time-credit. For example, if you spend an hour mowing someone’s lawn, you would earn one time-credit. You could then use your time credit to receive any service from another member. This can include anything from pet-sitting to car repair, and everything in between.
Timebanking is a system that measures the skills and abilities of all members by time credits and values them equally, regardless of their financial status or social status. This creates a more equal and fair community where everyone’s skills and abilities are valued, and everyone has the opportunity to contribute and receive.
One of the biggest advantages of timebanking is that it creates a sense of community and fosters relationships between members. It also provides a way for people to help each other and strengthen the community, rather than relying on the government or corporate support.
In addition to being a social network, timebanking can also be a great way to save money. Instead of paying for services with money, members can use their time credits to receive services they need, reducing their overall expenses. The only caveat is that timebanking is not meant to replace professional services for which you would normally pay a professional to perform.
Overall, timebanking is a simple yet powerful concept that has the potential to change the way people interact with each other and support their communities. Whether you are looking for a way to save money, build relationships, or simply help others, timebanking may be worth considering.