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In this video tutorial, options for saving files are demonstrated, including various file types and auto-save settings, with a focus on Office 365's version history. To save a new workbook, start by going to the File tab and selecting Save or using the Ctrl + S shortcut. Upon saving for the first time, a dialog box will open, allowing you to choose a folder and name your file. The .xlsx extension is automatically added, so you can simply enter the desired name. Users can select from several file types, with the default being .xlsx. If macros are present, save as .xlsm. Additional options like binary and CSV formats are also available for selection.