My Parallels VM file is huge, can I move it to an external SSD ?

I only use ONE Windows program, Quicken 2015 which is only 165MB, but my VM uses up so much space : 81.86 GB !! I've deleted every app I could find that Windows would let me delete, but it's still using so much memory.

Can I move my VM to an external SSD drive and then just plug it in when I need to use Quicken so i can free up and use those 82GB?

What exact steps do I need to do so Parallels looks for the VM in the SSD drive and not in my laptop drive?

VERY IMPORTANT: I can't mess up this VM and I can't make a new VM because my program Quicken 2015 can NOT be reinstalled ever again. It will continue to work forever but it just can't be reinstalled.