How do I change File Open default directory from My Documents

Every time I open Excel 2002 and choose File Open it defaults to My
Documents.
While working in Excel, it will always remember the last directory I was in.
When I close, and then relaunch Excel, File Open defaults back to My
Documents.
Is there some way to change which directory is default when using File
Open.
I would like to do this without registry edits or changing the target path
of My Documents shortcut if possible.
Thanks in advance for any help!