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To save time when formatting a document, you can easily copy styles from one template to another in Microsoft Word. Go to the Home tab, Styles group, and click on the dialog box launcher. In the Manage Styles window, select Import/Export styles and choose the template file you want to copy from. Then, select the styles you want to copy over to your current document by selecting and choosing copy. This allows you to quickly apply the same formatting to your new document without having to manually change colors and fonts.