Here is another option to help you stay within your budget, Time banks. Time banks are a unique as you can offer your services to people and get services without having to pay out your hard earned cash. They help stretch your dollar by using your time and skills, not your money.
What are time banks and how do they work?
Time banks are a network of people who exchange services, a modern day barter system only better. You have a service to donate to someone who needs it. In exchange you get time dollars that can be spent on a service or goods within the network.
For one hour of service, you get one time dollar. For example, if you drive Chris to the doctors you get one time dollar for every hour of time it takes. If later you want to learn Spanish you can use your time dollars to have Sam teach you Spanish. Time dollars can accumulate so if you perform 3 hours of service you get 3 time dollars. The time dollars are part of a network so your dollars can be spent for any service offered in the timebank.
Principles of Time Banks
- One hour of work equals one time dollar
- Everyone’s contribution is valued equally
- Help build community connections, strengthening the community
Core Values for Time banking
Time banking was founded on five Core Values:
- Everyone is an asset
- Some work is beyond price
- Reciprocity in helping
- Social networks are necessary, networks are stronger than individuals
- A respect for all human beings
Fact Sheet last updated on: 8/10/2016