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A Beginner's Guide To Time Banking

By Edited Aug 23, 2016 4 11
Your Money or Your Life: Time for Both
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What is a time bank?

Time bank logo
Time banks are a way for people to help other people in their community and be rewarded for it  in time credits. For every hour  you give helping someone, you receive one credit.

Everyone's time is valued equally. It doesn't matter if you are a lawyer or a handyman. One hours work equals one hours  credit. 

People help each other out with everything from making phone calls to sharing meals and giving lifts to the shops; anything that brings people together. Time banking values the skills that the mainstream economy does not such as : befriending people, mentoring, passing on a skill like knitting or crochet. A key premise is that everyone has something to offer. Even a housebound member with limited mobility could wait in for a parcel for instance.

Where did the idea come from?

 The origins of the idea date back to 1980 when its American founder Dr. Edgar S. Cahn conceived of Time Dollars as a response to massive cuts in United states spending on social welfare. The idea reached the UK in 1988 and has seen massive growth, particularly recently as it chimes with the coalition government's Big Society agenda.

The latest statistics for time banks in the UK are:

- 90 active time & 133 developing time banks

- 15,226 actively involved participants 

- 822,640 hours traded between participants to date

(Source : Timebanking U.K.)

Who can join a time bank?

Age, ability,  lack of finance or limited mobility are not barriers to participating in a time bank. many  limit membership to over 18s but this is only for young people's protection. They are often admitted as group members as when a local school participates.

What can time bank members do with their credits?

Members can spend their credits when they need help from someone else or give them to another person who needs help. Some time banks arrange for credits to be exchanged for services provided by member organisations such as free swimming sessions or access to training.

How do time banks operate?

They can be run on a voluntary basis with volunteers arranging and recording exchanges but as projects get bigger it is usual to employ a paid  broker who will organise all the matches and skills exchanges, undertake general administration and ensure that health and safety issues are addressed.

Timebanking UK, a UK charity that promotes time banking recommend that to get a project off the ground you need a small group of at least six people willing to spend four or five hours on the project. The key roles will be: attracting and signing up new members, nurturing relationships, publicising the group and building its reputation, establishing effective IT systems for matching skills and recording exchanges, involving sympathetic partners, securing funding and ensuring the projects long term sustainability.

Excellent support is available through Timebanking UK for a small annual subscription that includes training for the time broker and key members and access to Time Online software.

How does time banking help the local community?

Timebanking reduces social isolation by involving people who may not have social networks.

Timebanking can promote intergenerational contact with young people contributing skills like gardening or running errands and older people passing on skills and experience teaching youngsters to cook or care for plants.

Timebanking encourages participants to be active within the local community. They often get involved in projects to improve the local community like cleaning up an area or improving a local park.

Timebanking can contribute to reducing health inequalities by empowering people and encouraging an active life style. Many time banks focus on a user group with particular needs; older people or people with mental health issues. 

Timebanking reaches people that other initiatives find hard to involve.

Timebanking can help to address long tem unemployment by teaching people new skills and building their self confidence. Time banks can deliver work experience to young people who may never have had a job.

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Comments

Apr 18, 2012 6:08pm
JadeDragon
Timebanking is an interesting idea, organized barter basically.
Apr 23, 2012 1:41am
andrewagreen
Similar to bartering in lots of ways but unlike Local Exchange Schemes (LETS) there is no bargaining over price. An hour of time is an hour of time.
May 28, 2012 4:50am
wendyfinn
What a brilliant idea. I'd never heard of it before, but am going to look more into it now for sure. Thumbs up Andrew :-)
May 28, 2012 12:56pm
tkmcdonald
Now that is an interesting article. Thanks for sharing.
May 30, 2012 12:27pm
expertnotion
This article reminds me a lot of the movie "In Time" that was released last year ... with Justin Timberlake.
In the movie they pay for everything with "Time", the more "Time" you have... the longer you will live and the less "time" you have the sooner your death will come. Great movie, great concept. Could not believe that something similar actually occurs in today's society.
May 30, 2012 4:09pm
rabasure
Time banking is an interesting article on an interesting topic.In Indian villages, they practice it in a limited way.Suppose if there is a marriage or a death in somebody's house, volunteers from the village will help the family.It is reciprocated by the volunteers from the concerned families, when there is a similar event in some other families.
May 30, 2012 8:54pm
Derby
I had never heard of time banking. Thanks for sharing such good and timely information.
May 31, 2012 9:50pm
footloose
I published an article, How Time Banks Work, on IB 2 years ago. I'm glad to see someone else interested. I just checked the article and it has over 500 views so maybe yours will help generate interest. Nicely done!
Apr 28, 2013 1:31am
andrewagreen
Hi footloose - I've added a link from my article to yours. Should have done that before. Not been around Infobarrel so much for a while.......the day job got in the way. Sorry.
Jun 1, 2012 8:18am
kimberlylove
There was a wonderful documentary on PBS called Fixing the Future where they discussed timebanking in the USA. Is it catching on in the UK? I hope so.
Apr 14, 2015 4:24pm
Nikon
I know some churches do something similar in the form of a skills bank. It's a great idea for a c community of people who live in the same area. Thanks for sharing the history and other facts.
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Bibliography

  1. "About time banking." Timebanking UK. 16/04/2013 <Web >

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