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In this video tutorial, various options for saving files in Excel are discussed, including different file types and auto-save settings. When a new workbook is created, it is assigned a default name (like Book1.xlsx). To save the workbook, users can click the File tab and select Save or use the keyboard shortcut Ctrl + S. Upon the first save, a dialog box appears to select a folder and name the file; the .xlsx extension will be added automatically. Users can choose from several file types, with .xlsx as the default. For workbooks containing macros, the file should be saved as .xlsm. Other options include binary and CSV formats.