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Subscribe to Simon Says and click the Bell icon for notifications. In this tutorial, learn how to reduce Excel file size as data and complexity increase. Excel file sizes can range from kilobytes to megabytes, causing slow performance and difficulty sharing. To reduce file size, save the file as a binary spreadsheet by navigating to File, Save As, entering a name and location, and selecting the Excel binary workbook option. This will save the file in a more efficient format.