The default file save location displayed for Word 2011 on Mac is Documents folder. And you can use File Locations under Word Preferences to change this default directory location.
Step 1: Click Word menu and select Preferences from the menu list.
Step 2: In the Word Preferences window, navigate to Personal Settings and click File Locations option.
Step 3: In the File Locations window, select Document under File Types and click Modify button.
Step 4: Now using Choose a Folder window you can specify the new location for default storage locations in Word 2011.
The newly assigned folder location should be displayed for Documents. .
Step 5: Then click OK button to close the File Location window
Step 6: Exit Word 2011 for Mac to apply the changes.
Now when you re-open Word app, the Save As window should default to newly assigned directory.