Reddit mentions of BikeMaster Wheel Balancer and Truing Stand

Absolutely worth it. Entry level but very practical equipment is inexpensive and is all that is really needed unless you are doing a couple hundred tires a year.

Here is a example of some simple equipment to get one started:

Tire machines with bead breaker

• I worked in a shop that used this very same manual tire machine for awhile. Works well. Sold under many names. Currently $65 at Amazon.
  
• I used a $39.99 Harbor Freight Tire machine With the $39.99 motorcycle adapters for some time at home with a few mods. $80 investment.
  
  Balancer and weights
  
  
• A simple static balancer is cheap, effective and easy to use. Also they are often more accurate that computer spin balancers as most computer spin balancers have a lower limit of 1/4oz. Where as the static balancer will/can go down to a gram or less if you wanted to, but a 1/4oz or 1/8oz will do for the street. I have a more robust version of this I made at work, but this will do a home user just fine for $81.32
  
• Stick-on wheel weights are the most versatile and can be painted what ever color you want to match the wheel they are going on. Motion-Pro 90oz box for $25.96
  
• Some $10 rim protectors will come in handy also.
  
  So for less than $200 one can set them selves up to mount and balance their own tires with decent equipment. A little bit of practice and it will become easy. A nice mounting bar/tool for these machines is a No-marr

Wheel weights can really just go anywhere on the wheel there's a flat enough spot to stick it to, but I try to get it as close to the center as possible. I use stick-on weights, but the guy who I had doing my tires before always used the clamp-on weights. Both seem just fine.

You throw the wheel with tire onto the balancer and the heavy spot will orient itself downward. Add the weights to the light end that is upward. I use a piece of electrical tape to hold weights on temporarily and add them until it's balanced enough that the wheel wont spin on its own. It's not as awesome as those big expensive machines that tell you where to put the weights, but I've personally never had issues. Just takes patience and forethought.

Here are the tool I use:

Rim savers These work very well, but I think if you have spoons that aren't flat and wide like the motion pros it can break the plastic it's made from. Mixed reviews. Some recommend three, but they're sold in pairs. I went ahead and got two sets in case I broke one somehow.

Wheel balancer I had heard horror stories about the cheaper end balancers and figured I'd just do it right the first time and went ahead and got this thing. Very solid piece of equipment.

Two smaller spoons - These work great I think. I have a slight bias toward motion pro since, in my experience, they make good stuff.

Large spoon - It's useful for the last part of the tire if you can't manage it with a shorter spoon. More leverage. Not entirely necessary, but three total spoons is ideal.

Air compressor - To set a bead you need one with a high enough PSI, but this was bought with the air tools in mind. I'm pretty sure it would be overkill for just mounting tires.

Bead breaker - There is a motorcycle specific one that I saw, but it seemed like it was designed for scooter wheels that are much smaller. I saw it in action at a friends house and it works fine as well.

There are competing brands and vendors for everything you can think of, so shop around for whatever you decide on doing. There's a good chance there's a better deal out there on something. I just use amazon for reference.