There should be a way that when you are at a specific place, rather than entering the address and doing a search to add it to your favorite, there should be a “add my location” option. Then you can name it whatever you want.
Other map programs and navigation devices I’ve used have this feature.
Thanks 
It is possible!
When you’re at that place, do a long tap ON the street at that place. A menu will pop up, and one of the options is to save that location to your favorites.
Make sure you’re doing long tap ON the street. It’s quite sensitive sometimes and doesn’t work if you’re tapping next to the street, etc.
I’ve also read that this only works in 2D mode, not 3D mode. I can confirm that it definitely works in 2D mode (I haven’t tried it in 3D mode so I can’t confirm if it really doesn’t work).
I have a lot of remote sites that I visit, that are off of the main road. I’d like just a “save my GPS location as favorite” option.
If you’re talking things like private or 4x4 roads, go ahead and record them in the client, then permanently add them in Cartouche. Once the road appears in the client in the next few days, you can add the location directly as a favorite.
My experience with other sat nav systems is that if you are off-road and you save your location as a favourite, they won’t give you a route to get to it anyway.
I do a lot of work on rivers and have tried it a few times, usually near locks. Tomtom’ll save the location but if you select it as a destination later, it won’t give you a route. . . not even to the closest road.
s3
Thanks for this tip, I was also wondering if this feature existed in Waze. I’m glad it does 
Great! I had been looking for such feature in the menus for months… 
Now one more little step: how do I set a location on the map as my work site?
Thanks
Same way - just name it “work”
Thanks for the super fast answer. I meant how to set it as The work position, the special location with the bag icon. I tried saving it as work or ufficio (the Italian localized term) but it just considers it as any other saved location.
I just tried it and saving a favorite named “work” without the quotes gave it the special icon. What phone do you have?
Depending on the Waze release you are using, but naming the place as Work should work. I have done it with capital ‘W’ but I am not sure about if it is mandatory.
About the location saving. In my case - HTC Desire, Android - if I press the trackball (it is not a ball but an optical sensor but I don’t know the correct naming 
) it saves the actual location. No need to press the display.