Live your dream by cutting costs, like Donna Taylor did

When 55-year old Donna Taylor, of Fayetteville, TN, left behind a lucrative six-figure job in advertising to pursue her lifelong dream of starting her own company, she knew she was going to have to cut her costs. Significantly.

That meant working out -- and sticking to -- a serious budget. "It's not like I was living lavishly, but like everyone else, I wasn't giving too much thought as to where my money was going."

Her plan: to cut her expenses -- everything from insurance to vacations to dry cleaning costs -- by 50% a year. After all, she was going to be investing a significant portion of her savings -- thus far, over $100,000 -- to launch Lucky Bucky, an online retail company for horse enthusiasts.

How'd she do it?

Taylor shares some of her cost-cutting tips: