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To save time on formatting in Microsoft Word, you can copy styles from another template into your current document. Begin by navigating to the Home tab and clicking on the Styles group dialog box launcher. Select "Manage Styles" to access the import or export styles feature. Close the current file to open the template file you wish to copy styles from, making sure it is a Microsoft Word template. After selecting the template, open your working document (you may need to adjust the settings to view all Word documents). Finally, choose the desired styles from the template, select them, and click "Copy" to transfer them to your document.