Automatic backups to different locations depending on the open file

I don't think I ever realized before reading your post and doing some quick testing that the Backup folder location specific in the Quicken Settings > Backup screen is indeed a global setting which applies to all Quicken data files you use on the same Mac (and same Mac user account).

Of course, the backup files should be easily distinguishable in the backup folder, because the filenames include the name of the Quicken data file being backed up. But I don't think there's any way you can have Quicken create its automatic backups to datafile A in one folder and automatic backups to datafile B in a different folder.

So I think you'll have to either manually generate the backups you want to an alternate location, or periodically open the Quicken > Backups > Automatic Backups folder to select and drag the backups files for your secondary data file into a different folder.

Or, create a new user account on your Mac for the other family member, and put their Quicken data file within the hierarchy of that user's home folder; then you'll have a different location for backups of that data file. Switching between two user accounts, if you're not used to doing it, is pretty fast and easy. I have my regular account and an account I use for various testing, and I switch back and forth between them frequently.

Thanks, @RickO. I figured there was probably a way to do this with scripting, but I'm not well enough versed in macOS Automator to suggest it and describe the steps. I watched the video, and it seems very straightforward to watch a folder and move files based on filename to another folder (without getting into writing scripts that he depicts in the second half of the video). @mhbowes11 this should allow you to do exactly what you want, using macOS rather than Quicken to separate your backup files.