So, you may have a much harder problem with your disk space.
It's a common issue with laptops with only a small SSD drive. Are you in that situation? What is the size of your main drive? Do you also have another conventional internal drive with a bigger capacity?
For Elements, you need the most space for the photo/video files. You also need space for your catalogs. That can be stored on an external drive. You also need space for your 'scratch disks' which are used to provide more memory.
Apart from Elements, you have a number of options (in Windows) to store your documents or the OneDrive or Dropbox dedicated folder on a different internal drive.