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In this video tutorial, options for saving files in Excel are demonstrated, covering various file types, auto-save settings, and version history for Microsoft 365 users. When creating a new workbook, it's initially named "Book1," and the first step is to save it by clicking the file tab or using the shortcut Ctrl + S. This will open a dialog box for choosing the save location and naming the file. The ".xlsx" extension is automatically added, so users can simply enter their desired name. Various file types are available for saving, with the default being "xlsx." For workbooks with macros, the "xlsm" format is recommended, along with options for binary and CSV formats.