A time-based currency is an alternative currency where the unit of exchange is someone’s time. In Cambridgeshire exciting and innovative work has been carried out to develop two time-based currency schemes, Timebanking and Time Credits.
Timebanking allows local people to help each other by exchanging knowledge, help and skills. For example, a Timebank member can choose to spend two hours of their time helping an elderly person get to the local shops and in return spend two hours on any services which other Timebank members are offering, whether it be gardening, IT support or companionship.
Time Credits provide the opportunity for people to get involved in their local community. For every hour they give to an organisation participating in the Time Credits scheme they receive one Time Credit which can be spent on an hour's activity. This could be swimming, adult education, a visit to the a cinema or a trip to St Paul's Cathedral in London.