Diane Sawyer's Hometown in Kentucky Saves Money By Helping Each Other Out

Residents provide home improvements, medical care, and babysitting to help their neighbors, all for free.
3:00 | 01/15/14

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Transcript for Diane Sawyer's Hometown in Kentucky Saves Money By Helping Each Other Out
money" yet. Hundreds of families in my hometown, louisville, kentucky, are saving thousands of dollars every year on home repairs, things they need. So, how are they doing it? Abc chief business correspondent, rebecca jarvis takes us there. Reporter: It's morning in louisville, kentucky. Our first stop, the babysitters. We're going to go meet laura and frankie. Hi, laura. How are you? Laura is baby sitting 1-year-old frankie, for three hours. Her charge, free. I watch the kids. It's been really fabulous. Reporter: Across town -- now we're going to go see a photo shoot. Becky, a professional photographer is taking gwen's family portrait. Her price? Also free. How much do you think you're saving? At least $250. Reporter: What's the catch? Laura, becky and hundreds of their neighbors are doing what they call time banking. Instead of paying with money, they pay with time. And everyone's time is equal. It's organized through time bank usa, a group that helps communities get started and track their time. And time banking is booming. Now, in 42 states in just 3 years, the number of time banks across the country have nearly doubled. For example, get your oil changed in kent, ohio. Medical services in allentown, pennsylvania. Your computer fixed in los angeles, california. And your bike repaired in new york. And back in kentucky, how about a yoga class? Remember our photographer, becky? That's her, at neighbor jodi's studio. And down the stre linda uses her time dollars to visit local chiropractor dr. Hahn. Medical care she couldn't afford otherwise. I feel wealthy since I've been on the time bank and don't have cash. Reporter: And the cycle keeps going. Home improvements. Dog walking. Even jewelry repair. In just one day, our families saved a grand total of $1,480. And for this town, it's not just money. It's a whole lot more. That's "real money." Reporter: All of this organized through the website timebanks.Org. And there's very few restrictions on what you can contribute to the time bank. If you have a skill, you can offer it up in your community. See if there's any takers. Diane, the one thing everyone there told us, this isn't just about "real money." It's also about real friendships. And they are real proud of their hometown girl, you. Thank you very much. Hello back at you. My kind of town. Thank you, rebecca. When we come back, revenge

This transcript has been automatically generated and may not be 100% accurate.

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