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In this video tutorial, various options for saving files in Excel are demonstrated, including different file types and auto-save settings. Specifically for Office 365 users, version history is discussed. When creating a new workbook, it is initially named Book1 or similar. To save the workbook, users can go to the File tab and select Save or use the shortcut Ctrl + S. The first time this is done, a dialog box appears to choose the save location and the file name. The .xlsx extension is automatically added. Users can select from various file types, with .xlsx as the default. For workbooks containing macros, saving as .xlsm is recommended. Other formats like binary and CSV are also available.