According to the help center tutorial #1, point 2.:
Open the tutorial project.
Choose File > Open Project. Navigate to the following folder: Program Files/Adobe/Adobe Premiere Elements 3.0/Tutorial
Select the tutorial_start.prel file, and click Open. (If prompted to save changes to tutorial_final.prel, click No.)
Choose File > Save As, specify a new name and location for the project, and click OK.
Is this always the format for opening a project? What is the normal course of action for saving a project?!! I can't believe that it is standard procedure to always have to go through the tutorial, but no where do I see instructions for just saving a project.
Tutorials are just for beginners. You can just start working on project and save it at your desired location with a name of your choice. Maintaining a folder structure as per your need would be a good way to handle it.