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In this video tutorial, options for saving files in Excel are demonstrated, including different file types and auto-save settings. For Office 365 users, version history is also covered. When creating a new workbook, it is assigned a default name like Book1 or Book2.xlsx. To save the workbook, go to the File tab and click Save or press Ctrl + S. The first save prompts you to select a folder and name the file; the .xlsx extension will be added automatically. Users can choose from various file types; the default is .xlsx, but if macros are included, .xlsm is necessary. Other options include binary and CSV formats, offering flexibility for different needs.