About LETS - How does it work?
Last Updated (Monday, 05 May 2014 11:24) Written by Administrator Friday, 02 July 2010 15:12
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| About LETS |
| How does it work? |
| Benefits |
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How does it work?
Suppose you have a lift to the station at a cost of 5 Cobbles (C5) plus petrol costs; your account is debited by this sum. Your driver will go off and spend his C5 with other members on garden plants, home-made chutney, DIY help or whatever. Meanwhile you can reduce or eliminate any negative balance by charging other members for your goods and services. You might make C10 from babysitting, C25 from selling a bookcase you have made and C15 from hiring out your carpet cleaner.
Because the central accounting system keeps track of your credits and debits, you don’t need to do a straight swap. You can 'buy' from one member now and 'sell' to someone different later on; this is one reason why local exchange trading is so much more effective than the traditional barter system. To help you regulate your trading you can make Cobbles payments online, and view statements of your transactions and your current balance.