Many of us would have heard of the term“Time is Money”, and Time banking is basically a concept that literally replaces money with time. Yahoo! 7 Finance talks about the concept turning into reality, at length.
What is the Origin of Time Banking?
Time Banking was an idea conceived by Edgar S. Cahn, a civil rights lawyer in the US in 1980 and was put into reality by the foundation of Time banks USA. Time banks USA have been providing training and support for foundation of other such banks in various communities. US now has around 569 Time banks and more than 300 such banks now exist in the UK.
How Does Time Banking Work?
Time banking basically substitutes money with time or, in other words, money with services. It can be easily understood as bartering, i.e. trading goods or services.
Members of Time banks are required to sign up to their database. The database records details of the services and skills that the member has expertise in. “Time Dollars” is what they earn for providing their help to others in the bank and these “Time Dollars” can then be spent on acquiring services for themselves.
So it is basically trading time with services rather than money. In a wider picture, the concept help in building support network.
What Kind Of Services Are Available on Time banks?
Babysitting, tutoring, pet sitting, household work etc. are the basic services listed on the database. However, interesting services like numerology and social interaction are also coming up on the database.
How Do Time banks really help?
Time banks really have a long way to go as they eliminate the need of hard cash to buy services. A person might or might not have money in his or her pocket but would have some skills that can earn him “Time Money” and in turn can use this money to get work done for himself or herself.