Excel 2007: Change the Default File Location
Contributed by Rob Rogers 
Tagged: Microsoft Excel By default, Excel uses your Documents (if you use Vista) or My Documents (if you are using XP) directory as the location for saving files. To change the default file location, follow these steps:
1. Click the Office Button.
2. Click the Excel Options button.
3. In the left pane, select Save.
4. In the Default file location textbox, input the path to the desired directory that will be the new default location.
5. Click OK.
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Name said on October 9, 2009
Where is the Office Button? Can’t find an Office Button anywhere.
Anonymous said on May 12, 2010
Have you figured out how to change the default open directory in Excel or other Microsoft applications.. that option doesn’t exist. You can change the open directory in Microsoft word only.
Only the save directory can be changed in the other applications, which they also refer to as the working directory.