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In this video tutorial, options for saving files in Excel are demonstrated, covering different file types, auto-save settings, and version history for Microsoft 365 users. When creating a new workbook, it is initially named "Book1" or similar. The first step is to save the file by selecting the file tab and clicking "Save" or using the keyboard shortcut Ctrl + S. This opens a dialog box to choose a save location and rename the file, with the .xlsx extension automatically added. Users can select from various file types, with .xlsx as the default. If macros are present, the file should be saved as .xlsm. Other options include binary and CSV formats.