It has been years since I’ve mentioned it but I still use the heck out of Default Folder X. This is an application for your Mac that updates the open/save dialog boxes. It gives you an easy way to navigate to recent folders and files, favorites, and otherwise speeds up working on your Mac. If you like to tag files, it also fully supports tagging in the open and save dialog boxes. If you’ve never heard of it, I recommend downloading a trial and given it a shot.
If you have heard of default Folder X, you’ll be pleased to know that they just released a significant update that allows you to create folders in your Library folder for Default Folder X Favorites, Recent Folders and Recent Files. These are actually aliases to the folders and files shown in Default Folder X's menus, and can be used as a way to access Default Folder X's data from other applications. I love it when an app this mature can still surprise me with useful new features.