New York City has started a time-banking initiative that allows people to barter their talents, time, and energy. Members will be able to pick up someone's prescriptions, for example, in exchange for an hour of Spanish lessons. Each hour of service that members provide gets them an hour in return.

"To date, we've had about 238 of these service exchanges and that has amounted to about 550 time bank hours," says Diahann Billings-Burford, the city's chief service officer, who is in charge of promoting volunteerism for the city.

Billings-Burford says each borough has its own service exchange. To enroll in the service, the city requires three personal references and attendance at a 90-minute orientation.