LETS has room for more

Central Coast LETS (Local Exchange Trading System) has places for people on the Peninsula to join their group, according to group coordinator Ms Korina Ivatt.

"LETS is a simple non-profit system that allows you to trade services and goods with other local people, without money," Ms Ivatt said.

"You provide services to other members, anything from fixing a fence to a massage or walking their dog, in return for credits to your LETS account.

"Then you use these credits to 'buy' services from other members.

"We have a simple system to record these transactions."

"Today there are hundreds of LETS groups around the world," Ms Ivatt said.

"Members can offer a skill or an item for a certain amount of a local LETS currency, called 'Mollys' in our system.

"These Mollys go into your LETS account and you can then spend them on something you need from any other LETS member.

"You get a directory of local LETS members and those in the Hunter and details of what they offer and you simply contact members who have services or items you want.

"One difference between LETS and using money is with LETS you don't need any money or credits to get started - it does not matter if you go into debt to begin with, as long as you are willing to provide services when asked later."

Ms Ivatt said each LETS member holds an account, which begins at zero.

"Example: John gets some jams and pickles from Mary for 20 Mollys," Ms Ivatt said.

"John's account is now minus 20 Mollys and Mary's account is plus 20 Mollys.

"Mary then trades with Sally 50 Mollys for babysitting.

"Mary's account is now minus 30 Mollys and Sally's account is plus 50 Mollys."

Ms Ivatt said participants needed to be community-minded and prepared to put in as much as they take out.

"LETS gives you the opportunity to think beyond the materialistic, monetary value of services and instead honours people for their energy and commitment to helping create a closer community," Ms Ivatt said.

"There is an initial joining fee of $10, to cover administration and co-ordination of your local LETS, and an annual renewal fee of $5 plus five Mollys."

For more information visit www.centralcoastlets.org or contact 0431 534 813 (kivatt@optusnet.com.au)

Press release, October 7 Korina Ivatt, Local Exchange Trading System