Get Acquainted With Time Banking Basics: Your Time Is Now! ~ The International Finance

Tuesday, 27 June 2017

Get Acquainted With Time Banking Basics: Your Time Is Now!

With job recessions and downturns, amplifying the idea of time banking can be helpful in more ways than you can envisage. Not only does it give value to menial jobs but it also helps evoking community bonding--- something that no money transaction can give you. Time dollars are as valuable as any other currency and alongside getting your job done can be a new way of life in this age of economic decline. Time banking uses people’s time instead of cash outlay for any kind of service provided.

Herein documented are a few basics of this process to get familiar with the advantages time banking renders. Know better!

What ‘time banking’ actually is

As explained above time banking is a way to payout a job done with time currency instead of money in any form. Now let us cite an example, your house needs cleaning and you get help from someone. Normally this would bring upon you a hefty service bill but none in this case. Thinking why? That is the “no money way” where you serve with service like for house cleaning you walk someone’s dog from the time banking community. 

Surely a boon for the daily wagers who generally have to pay often more than what the earnings are for the services and even for the affluent class. The policy of “give help and get help” can get things done easy and also create a bond amongst neighbors.

Count the hours

One hour gets you one hour of credit. This is the distinguished feature of this unique banking system. In return of an hour of service you give in you get an hour of time dollars that you can utilize to get any job done in return.

Time banking is not the same as bartering because in this you don’t exchange jobs with the same individual rather you can do the work for anyone in the community and in return get favors done from anyone from the same community. Likewise if someone helps your neighbor with baby-sitting can request you to help with laundry in return for the time dollars earned by him.

Not just one on one basis but time banking can be useful to serve a group of people as well to earn credits. For example, the person who serves time hours at the old age center in return can get someone to help her with taxes.

Discern the principles and benefits

The values are applicable to all time banks irrespective of its size, purpose and management. Time banks value people above anything else and also give recognition to many occupations that do not fit the traditional job brackets. It endows everyone with respect and helps building positive relationship among the communal residents.

In the wake of the unprecedented growth in the rate of unemployment, time banking can bring in some amount of respite. A new age currency that saves on taxes—isn’t it a great way to describe this phenomenon? Alongside being helpful in this time of financial crisis it brings forth a sense of social responsibility something not any other banking system would ratify.

Although time banks are exceedingly worthwhile yet they aren’t free from some downsides. Research well before forming a time bank or joining a running one. Hope you’re sorted!

Time is money!

About Author

Amit Singh is a founder of Theinternationalfinance.com he share his immense knowledge of Finance in this blog.

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