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Toggle absolute and relative references

Windows shortcut 
F4
Mac shortcut 
T

While editing a formula, this shortcut toggles cell references from relative to absolute, to partially absolute, back to relative again:

A1 --> $A$1 --> A$1-- > $A1-- > A1

It's much faster and easier than typing $ characters manually.

To convert an existing formula, enter cell edit mode, place the cursor in or next to the reference you'd like to convert, then use the shortcut.

Note: in Excel 2016 for the Mac, you can also use fn + F4. 

Related videos

The videos below demonstrate this shortcut.
In this video, we'll look at how to plot over 3000 survey responses to a question in an Excel bar chart.
In this video, we'll look at how to rank values in ascending or descending order using the RANK function. When values change, the rank will automatically update.
In this video, we'll look at how to create a dynamic named range using the OFFSET function, the most common way to create dynamic names range with a formula.
In this video, we'll look at how to build a 100% stacked column chart that shows the percentages in each bar.
In this video, we'll look at how to use the HLOOKUP function. HLOOKUP works like VLOOKUP, but is meant for data in a horizontal arrangement.