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In this video tutorial, options for saving files in different formats are demonstrated. When creating a new workbook, it defaults to names like Book1 or Book2.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 appears, allowing you to choose a folder and name your file. The .xlsx extension is automatically added upon saving. Users can choose from various file types; the default is .xlsx, but if macros are included, .xlsm is preferable. Other options include binary and .csv formats. The video encourages viewers to explore these choices.