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In this video tutorial, various options for saving files are demonstrated, including different file types and auto-save settings, specifically for Office 365 users. When creating a new workbook, it defaults to names like Book1 or Book2.xlsx. To save the workbook, users should go to the File tab and select Save, or use the keyboard shortcut Ctrl + S. The first time saving, a dialog box appears to choose the save location and name the file, where the extension (e.g., .xlsx) will be automatically added. Users can select from multiple file types, with .xlsx as the default, and .xlsm for macro-enabled workbooks, among other options like binary or .csv formats.