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. We developed 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. In return the member can spend two hours on any services which other Timebank members are offering. This could 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 a Time Credits organisation they receive one printed Time Credit. The member can then spend their Time Credit on an hour's activity at a participating venue. This could be swimming, adult education, a visit to the a cinema or a trip to St Paul's Cathedral in London.