Have you ever thought how nice it would be if there was another system in the world that could be used instead of money? Apparently, another people have thought about it, too, as people around the world, at first mainly in the USA, then also in Australia and the UK, formed communities driven by the idea of mutual beneficial service. They do not use money– their currency is called the time dollar (time credit in the UK) and what they actually do is called Time Banking.

Time Banking is a way of life, a philosophy that gives an alternative to the commercial world, where people are slaves of money. But how does it work? In fact, it is quite simple – the driving force in a Time Banking community is service. As every member is good at something, he or she spends a part of their time doing it for another member. Usually, that time is one hour (the basic currency). As a reward, this member receives 1 time dollar (time credit) which can be used to ‘purchase’ the service of another member (usually one hour, too).

As for the types of the services offered, there are no limits.  Everyone may offer whatever they are best at. Usually the services range from such voluntary activities as care for the elderly, community gardening and hospital visits to specialised and professional services like accounting, language tuition, massage etc. One of the principles of Time Banking communities is that everyone has something to offer the community and the more people that participate, the more opportunities there are for everyone to receive what they need.

Of course, Time Banking as a system may be of benefit for everyone.  People, who are fed up with the current monetary system, people who need social interaction and communication, unemployed people who can offer a service in order to receive a service, retired people who find it useful to give some of their time to the community, or simply those who find it a better alternative to the vicious circle we are currently stuck in – work – earn money – spend money on other people’s work. Time Banking societies have proven that the money part can be omitted while still maintaining a thriving community.

It is good to know that Time Banking can be beneficial even for a non-profit organisation or a charity. If you work with volunteers, you can contact a Time Banking community and ask for the opportunity to direct these volunteers to it. Thus they will spend their time in useful services and will actually see exactly what the benefit of their labour is and where it goes. What is more, in exchange to their efforts, they will receive a reward – time dollars that they can spend to receive certain services for themselves, choosing among a diversity of different talents, skills and services.

Time Banking can also help your non-profit organisation achieve its aims without spending money.  You and your members can offer services and ask for the services you need in exchange, which will then be absolutely free.

Everyone is invited in a Time Banking community and everyone can contribute to it. Just give an hour and receive an hour as a reward!