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In this video tutorial, options for saving files are demonstrated, including different file types, auto-save settings, and version history for Office 365 users. When creating a new workbook, it initially has a default name like Book1.xlsx. To save the workbook, go to the File tab and select Save or use the shortcut Ctrl + S. The first time you save, a dialog box will appear, allowing you to choose a folder and name your file. The .xlsx extension will be added automatically. Users can select from various file types, with .xlsx as the default. For workbooks with macros, save as .xlsm, or choose binary, .csv, and other formats as needed.