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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.
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In this video, we'll look at how to use the SUMIFS function with an Excel table, with a side-by-side comparison without a table.
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.
This video shows how to stop Excel from changing cell references when you want an exact copy of a formula in a different cell.