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In this video tutorial, the presenter discusses options for saving files, including various file types, auto-save settings, and version history for 365 users. When creating a new workbook, it is automatically assigned a default name like Book1.xlsx. The first step is to save the workbook by going to the File tab and clicking Save or using the keyboard shortcut Ctrl + S. The user will then see a dialog box to select a folder and name the file, noting that the .xlsx extension will be appended automatically. The default file type is .xlsx, but for workbooks with macros, the .xlsm option is recommended. Various file types like binary and CSV are also available for selection.