Hi
One option is the use Magic Folders, it not only makes the folder password protected it makes it invisible to other users.
I'ts like it doesn't exist. You can go farther and encrypt the data if you want to.
I've used it to keep my credit card info and personal data that I want to have available on my computer for years.
I figure that if someone hacks into my computer I'm at least making it hard for them.
PC Magic Software - Product Downloads
I'm not sure how you would do it in Windows 7, but you can try right clicking on the folder and selecting the Security Tab, and try setting it so it's only available to one user, I've never used this so someone else may have another way.
Mike