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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 for 365 users, focusing on version history. When creating a new workbook, it defaults to names like Book1 or Book2.xlsx. The first step is to save the file by clicking the File tab and selecting Save, or using the Ctrl + S shortcut. This opens a dialog box to choose a folder and rename the file, with the .xlsx extension automatically added upon saving. Users can select from multiple file types, with .xlsx as the default. If macros are present, the file should be saved as .xlsm. Other formats include binary and CSV.