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How to reduce the file size of an excel file

I have read a numerous tutorials in the web on techniques to reduce file size.

Some of it work okay but not to my satisfactory. I will show those that work first and then I will show my own simple way that works better.


Method I found in the web that works but not very well and comes with cons. 

- Save your excel file in binary format. Click save as, select Excel Binary Workbook. This however means it will change the format of your file and binary file format is not amendable unless you save as another file format again.


Method I found that works better 

- Highlight the last row and drag until the very far bottom row of the sheet. Then, select "Delete". The further you go the better.

- Highlight the last column and drag until the very far bottom column of the sheet. Then, select "Delete". The further you go the better.

Once it is done. Click Save. You should able to reclaim your file size back to small one.