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In this video tutorial, options for saving files are explored, including various file types, auto-save settings, and version history for Microsoft 365 users. When creating a new workbook, it is assigned a default name like Book1.xlsx. To save the workbook, go to the File tab, or press Ctrl + S, which prompts a dialog box for choosing a save location and naming the file. The .xlsx extension is automatically added, allowing you to enter just the desired name. Users can select from multiple file types, with .xlsx being the default. For workbooks containing macros, saving as .xlsm is recommended, and options also include binary and .csv formats.