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In this video tutorial, the presenter discusses file saving options, including file types, auto-save settings, and version history for Microsoft 365 users. When creating a new workbook, it initially has a default name (e.g., Book1.xlsx). The first step is to save the workbook by either going to the File tab and selecting Save or using the Ctrl + S keyboard shortcut. On the first save, a dialog box will appear to choose the save location and rename the file. The file extension (e.g., .xlsx) will be automatically appended. Users can select from various file types such as .xlsm (for macros), binary, or .csv, with .xlsx being the default format.