What's a Time Bank?

I'd never heard of a Time Bank before hearing it on a podcast episode earlier in 2024. The idea is pretty simple - it's a local, community-based group that pays each other with "time dollars" instead of cash. It's mostly services that are exchanged, since that can easily be converted into time spent; but items can also be shared or loaned on time dollars.

Say you want to learn a new hobby, like playing guitar or baking sourdough. You could request to borrow the items or tools you need to practice before investing actual money into the hobby (because how many hobbies have we all started that fizzle out quickly?). Alternatively, you could request that a member of the Time Bank offer their services to teach you the skills! Afterward, you exchange time dollars with that member. At my Time Bank, one hour of a service equates to one time dollar - I'm pretty sure that's the standard rate at most Time Banks.

I joined the Phoenixville Area Time Bank in the summer of 2024. So far I haven't requested or offered too much, but I want to increase my involvement this year. Back in the fall, I requested photography services so my family could get a few photos for our annual Christmas card. The person who took our photos wasn't a professional, but she managed to get 2 or 3 decent photos of the three of us... and no money was exchanged!

This past month, I offered a "sourdough basics" workshop to Time Bank members. I didn't really know what I was doing when I took this on, but it ended up being a lot of fun! Five ladies (that I didn't know beforehand) came to my house on a Saturday afternoon and spent two hours learning everything they needed to know to make a loaf of sourdough bread. I sent them home with printed instructions, a jar of starter, and an in-progress loaf for them to bake the next morning. I got some messages the next day letting me know that it was a success! I earned a bunch of time dollars for that event... though I have no idea what I'm going to spend them on.

I like the idea of Time Banks. It's an easy way to "pay" for someone's time, talent, and goods/services while building community. The fundamental principle of Time Banking is that everyone’s time is valued equally - whether you're offering cat-sitting services, a snowblower, oil changes, or anything else! Everyone has something to offer in a Time Bank.

The Time Bank I joined can be found here: https://www.patimebank.org/

If you're local, you should consider joining! Even if it's just for a year. They could definitely use some fresh ideas and youthful energy to optimize the Time Bank to its fullest potential!