Thanks for the information from me too. It made me look throughthis problem , and what I want is to save everything for a certain project in the same folder. Makes it easier to back up the project (yes, I know about bundles). Apparently you can do this by checking "per project" in the same place where you choose audio folder. Then whenever starting a new project you just have to decide where to put things.
However, it's difficult to put things in my personal folders because of the long path names resulting. C:\New Song is much easier.