You can set the project file Save In in the new project dialog as in prior versions; however, you are competing with the program in this regard.
When you open a new project
a. Go to the Expert workspace, File Menu/New/Project. In the new project dialog, set the name, project preset (see under Change Settings), and Save In location for the project.
b. Before you leave that area, be sure to have a check mark next to "Force Selected Project Setting on This Project".
Please let us know if you have more questions or need clarification on this.
In Premiere elements12, we have Projectless entry. There is no need to create project. Premiere elements12 will create project for you with default name and location.
You can save project to another location and name using saveas option or you can create new project using File Menu - New - Project(As mentioned by A.T.Romano.
Because of the considerations included in
when using previously not used formats, I still prefer to do the manual setting of the project preset which will include the Save In
for the project file (everything at one time).
Also, to be considered is the locations to which the Scratch Disks are directed. Typically, with the exception of Media Cache, that is
Same As Project. So, if you do not want Scratch Disks files included with your project file (for some reason), then adjust the Scratch
Disk locations accordingly to a location with enough free space to accept them.