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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 take a look at how to use the COUNTIF function to solve a common problem: how to find values in one list that appear in another list.
This video shows how to stop Excel from changing cell references when you want an exact copy of a formula in a different cell.
In this video, we look at how to create a mixed reference that is part relative, and part absolute, useful when you want only part of a cell reference to change.
In this lesson, we cover shortcuts you can use when building, editing, or entering formulas.
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.