How Do You Spell TIME BANKING?

Pronunciation: [tˈa͡ɪm bˈaŋkɪŋ] (IPA)

Time banking, spelled /taɪm bæŋkɪŋ/, is a system of trading services or hours of work with other people in the community. The word "time" is spelled as it is pronounced, with a long "i" sound followed by the "m" sound, and the "e" at the end is silent. "Banking" is spelled with a "b" sound followed by the "a" sound, then the "n" and "k" sounds, and finally the "i" sound with the "ng" sound at the end. The word "time banking" is commonly used in the sharing economy and community-building movements.

TIME BANKING Meaning and Definition

1. Time banking is a system wherein members of a community or organization trade services or skills with one another using time as the currency. It operates on the principle that everyone's time and expertise have equal value, irrespective of their profession or social status. In a time banking system, individuals earn credits, referred to as "time dollars," for the services they provide to others. These credits can be exchanged for services or assistance received from other members of the time bank.

   The concept of time banking promotes the idea of reciprocity and encourages individuals to contribute their skills and abilities to benefit the community. It fosters a culture of collaboration, mutual support, and interdependence among the participants. Time banking recognizes and values all kinds of services or assistance, such as gardening, transportation, teaching, babysitting, home repairs, companionship, or even lending an ear. It aims to promote inclusivity and emphasize the importance of every individual's contribution to the overall well-being of the community.

   Time banking systems often have dedicated platforms or coordinators to facilitate the exchange of services, keep track of time credits, and match individuals' needs with available offers. Additionally, some time banking initiatives incorporate time banks into larger community development efforts, encouraging social engagement and fostering a sense of belonging and empowerment among its members. Overall, time banking provides an alternative economic model that focuses on building social capital, promoting equity, and strengthening community ties through the exchange of services and time.

Etymology of TIME BANKING

The word "time banking" is a compound term made up of two components: "time" and "banking".

The term "time" originates from the Old English word "tīma", which originally meant "the division of the day into hours" or "a particular period". This word has roots in the Proto-Germanic language and is related to the Old Norse word "tími" and the Gothic word "tima".

The word "banking" comes from the Middle English word "banke" or "banca", meaning a "mound" or "bench". It later came to represent a financial institution where money is deposited, lent, and exchanged.

When combined, "time banking" refers to a system in which individuals exchange services or skills based on the amount of time spent, rather than using traditional currency. This concept was pioneered by Edgar S.