Tools|Options|General Tab
Specify your favorite folder in the "Default file location" box

This doesn't change xl2003's behavior when you use File|Save As.

If the workbook is new, it'll use your default file location. But if the file
already exists, you'll see the original file's location.

Gene New Mexico wrote:

I really dislike using the My Documents folder for anything. Is there any way
to change to the default "save to" folder in Excel 2003 from My Documents to
something else?

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Dave Peterson