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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 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 create a bar chart in Excel to show survey data. Bar charts are good for long labels, since there is plenty of room for text to the left of the bars. 
In this video, we look at how to use VLOOKUP to lookup values in an Excel Table.
In this video, we'll look at how you can use the CHOOSE function. We also compare a formula based on CHOOSE vs. a formula based on VLOOKUP.
In this video, we'll look at how to create a dynamic named range with the INDEX function. INDEX is a non-volatile function, so it won't recalculate whenever a change is made to a worksheet.