Simply put, time-banking is a way to economize the ¨Pay It Forward¨ principle while also ensuring that every member of the community feels valued and a part of something greater than himself. Basically, you set up a profile and write ads for the services you provide as well as the services you need. For every hour of service you give to anyone in the community, you get a time dollar, which you can then use on any other service offered in the community. Instead of the individual to individual exchange you get with in a normal monetary transaction, time-banking is based on a more individual to community model.

Time Banking is ¨a medium of exchange designed to reward altruism by recognizing, validating, and rewarding the contributions that help to strengthen and rebuild the “core economy” of home, neighborhood, and community. The Time Dollar approach is based on the belief that every member of a community is a valuable resource (not just a “giver” or a “receiver”) and that each community has the capacity to pool these resources for its own social and economic abundance. ¨ – from Building Community with Time Dollars

 

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