Saved from a previous post...

Do you feel comfortable editing the registry?

Close Excel first.

Windows Start button|Run
Regedit
and hit ok

Traverse to:

HKEY_CURRENT_USER\Software\Microsoft\Office\11.0\Excel\Options
under:  DefaultPath

And carefully change the path to what you want (or delete the key and accept
Excel's default and change it later???)

And in the same branch:
HKEY_CURRENT_USER\Software\Microsoft\Office\11.0\Excel\Options
under:  AutoRecoverPath

And delete that key.

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Remember to backup your registry first--just in case.

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And you may not need to change the autorecoverypath entry if it points at an
existing drive/folder.