The Money-Saving Strategy You Didn’t Know You Needed: Skill Exchange

Isn’t it just delightful to be surrounded by a sea of skills that we can’t swim in? The irony of life, isn’t it? We spend hundreds, if not thousands, of pounds each year paying for services that someone else, somewhere, can do with their eyes closed. Yet, here we are, sitting on a goldmine of skills that others would pay for, if only they knew we possessed them. Well, welcome to the secret society of Skill Exchange, a place where your skills are your currency and your needs are met without breaking the bank. Intrigued? Of course, you are. Let’s dive in, shall we?

The Hidden World of Skill Exchange

More than half a million people in the UK are currently swapping their skills with one another. Joining a skills exchange, also known as Timebanks and Local Exchange Trading Schemes, means you can swap a few hours of your time – doing something you’re good at – for services you would otherwise have to pay hundreds of pounds a year for. It’s not just about saving money, those who use the exchanges say it can be even more rewarding than that.

How Does It Work?

The idea is to bring people together into a group. Each member of the group has certain skills and services they can offer, and each one has needs they hope can be met by other members. The modern version usually works on a time basis, so that one hour of everyone’s time is worth exactly the same amount. If you put in an hour of work for another member of the group, you get a credit. You can then swap that credit for an hour of work from someone else in the group.

But I Don’t Have Any Skills!

It’s easy to assume you have nothing to offer in exchange, or nothing you need from it, but you’d be surprised. When people think about an exchange, they usually say ‘I don’t have any skills’, but it’s hard to be a human being and have no skills, so sit down and have a chat, you’ll probably end up with a long list of things to share with the group.

What Skills Are In Demand?

You’d be surprised at the skills other people need help with too. A survey done a few years ago found that millions of people have never learned the basics of DIY. Some 45% of people under the age of 45 cannot put up shelves and 63% don’t know how to hang wallpaper. It’s not just improvements where they fall short either: 54% don’t know how to bleed a radiator, and 36% claim they’re clueless about gardening too.

More Than Just Trading Labour

The money you can save by giving a few hours of your time makes skills exchanges worth considering, but swapping skills can be about much more than just trading labour. Wells says that for her, the social side of a skills exchange has always been the most important aspect. She explains: “The emphasis is on building a community, and empowering people to do things they are good at.”

Benefits Beyond Saving Money

Each person who gets involved in a skills exchange will get something different from it. Maybe you decide to join as a marketing opportunity. People would ask for small jobs like fixing a dripping tap or mending a leaky pipe, if you’re a plumber. If you do a good job of that, you would be their first call when it comes to larger, paying jobs, and they’ll start to recommend you to their friends.

The Power of Skill Exchange

Joining a skills exchange won’t just save you money: it can bring enormous, less tangible, benefits too. They don’t just mean you can get your fence mended for the price of taking someone’s dog for a walk, they also value every member equally, boost wellbeing, play a vital role in helping society’s most vulnerable.