Moving 8.5 to an external hard drive

Gday All.

As the subject reads, I want to move 8.5 off of my computer to a hard drive so as to make space as I mainly use Cubase 10 these days. Sorry if this has been discussed before but how do you do that and is it worth it to save space and help my laptop become more efficient.

I would also like to start saving my projects to an external hard drive as well, is that advised and how is that done as well. I will search to see if that has come up in a thread but if anyone has time to point me in the right direction that would be great.