There is a different way to enter a location into the Saved folder that some may find easier. I used the screenshots for a different presentation but I can make it work here.
As the first screen shot shows, press the compass soft key and then press the menu. That will take you to the second screenshot. While I highlighted Import, you want to select Location. That will give you your location in latitude & longitude coordinates. This would be very useful when you don't have the address or don't want to spend the time entering it. Then, give it a name and press OK.