After not having exercised in quite a while, I've decided to take up the Couch to 5K running program. I was just wondering, though, is there an easy/inexpensive way to figure out distance/pace?

I don't live near an outdoor track and don't have the money to spare for a gym membership, but I figure that's the beauty of taking up running...you don't need to! I plan on starting off walking/jogging around my subdivision and/or on a multi-use path nearby, but I'm terrible at estimating distances. How can I figure out when I'm reaching 1/8mi, 1/4mi, etc?

I know distance isn't necessarily all that important when starting out (esp for a beginner like me!) but my analytical side will be encouraged by knowing I'm making progress. Any advice you could give would be much appreciated!