Sedona program encourages members to exchange services instead of money
Some say time is money. A group in Sedona has found a way to replace money with time. Time banks allow community members to exchange skills or services among one another without any money changing hands. Unlike bartering, which places a cash value on goods and services (and is taxed accordingly), Sedona TimeBank’s services are considered charitable acts. Cronkite News reporter Emily Johnson has the details.
The inner workings of TimeBanks
View the above graphic to see an example of how a TimeBank works in a community.