If you want to change the location of your iPhone backups, you can do so by creating a symbolic link to a new location. However, be careful when doing this, as it can affect your backup process.
~/Library/Application Support/MobileSync/Backup/ where does itunes store iphone backups
C:\Users\[Your Username]\AppData\Roaming\Apple Computer\MobileSync\Backup\ If you want to change the location of