Create 'File Folders' in Outlook
With Outlook open displaying the folder list:
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Right Click on the top level folder for which you would like to create a subfolder
Click on New Folder
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Give the folder a new name
To move documents from the original folder, Inbox or Sent, click on the message, hold down the left mouse button, drag, then drop it (release the button) into the new 'file folder.'
Be sure to periodically go through the files to make sure you are not saving documents you no longer need. These newly created files will continue to use your allocation of space on the Exchange server.