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In this video tutorial, the speaker demonstrates various options for saving files, focusing on different file types, auto-save settings, and version history for Office 365 users. When a new workbook is created, it receives a default name (e.g., Book1.xlsx). To save it, users can go to the File tab and click 'Save' or use the keyboard shortcut Ctrl+S. The first save prompts users to select a folder and name the file. The .xlsx extension is automatically added, and users can choose from various file types—xlsx is default, but .xlsm is required for macros, along with options for binary or .csv formats.