Okay so I figured it out. For anyone else wondering you do the following
If you have any preexisting backups go to "~/Library/Application\ Support/MobileSync/Backup" and rename the "Backup" folder to "Backup (old)". This way you will have a backup in the event it does not work.
Once that is complete make sure you create a folder called "Backup" on your external drive.
Lastly do the following command in terminal:
sudo ln -s /Volumes/{external drive name}/Backup ~/Library/Application\ Support/MobileSync/Backup
If you use Apple Configurator 2 you can also move them by doing the same thing as above but the command will be as follows:
sudo ln -s /Volumes/{external drive name}/Firmware "/Users/{Your user folder}}/Library/Group Containers/K36BKF7T3D.group.com.apple.configurator/Library/Caches/Firmware"