What is Time Banking?
Time Banking is a way of trading skills in a community. It uses time, rather than money, as the measurement tool. Members of a Time Bank share their skills with other members and are given time credits for the work they do.With the credits they gain, each member can ‘buy' someone else's time to get the service they need.
Why Join a Time Bank?
- Time Banking adds a richness to Time Bankers' lives. As a concept it brings ‘wealth', in the form of friendship, caring for one another, having our needs met from within our own community and getting help with things we can't do.
- Skills that are often taken for granted are valued - especially non-market economy skills - like mothering, basic home help and caring, friendliness, listening.
- Time Banking creates tighter community. Friendships are formed between people of different backgrounds who would not usually have met. The elderly are cared for and the skills they share are valued. Community becomes more inclusive - valuing everyone and their unique contributions.
- Time Banking builds relationships and trust in a community. Everyone has something they can contribute to the wellbeing of the whole.
Everyone's Time is Equal
With Time Banking everybody's time is equal, no matter what type of work is done. 1 = 1. If you give one hour's work, you receive one hour time credit. If you have another member do one hour's work, they are paid one hour time credit. Every member is equally valued.
Listen to Edgar Cahn, the inventor of time banking, on Radio New Zealand