Export the part you want to keep using "share."
Keep in mind that you may lose some quality, depending upon your export settings.
My preference is just to get more storage (external hard drives) and keep the original footage.
..... I want to only save the usable clips from my videos which usually are about 40-50% of each individual video I shoot. I want to discard the portions I'll never use and just save the good parts. How do I save them in their original format? I don't want to change anything other than getting rid of what I don't want. Thanks
You are writing about something usually called "lossless" editing or "smart rendering". The idea is to edit without any encoding. Few programs can do that. Even fewer are priced at the consumer level. One is called "TMPGEnc MPEG Smart Renderer 5" ( http://tmpgenc.pegasys-inc.com/en/shopping/tmsr5.html ). It may be the only one! I've never used it, but an internet friend says it works. Premiere Elements does not do lossless editing. But, the output codecs are so good that no visual quality is lost.
Huge external HDDs are cheaper than ever. "Smart rendering" to save space may be more work than it's worth.
I guess it's not as simple I imagined it would be. I have several large format External hard drives. Maybe what I meant to say is I want to save time....Time when using clips to make movies with different pieces instead of having to always search through all the bad parts for the good ones. I'd rather they were just out of the way for good. I use my material over and over so it's worth streamlining my work flow.
What would be the best option then under the save and share categories?
You can cleanly cut video clips in non-linear video editors. (NLEs) The are made for editing like adjustments, transitions, sound effects, etc. In other words, video editing with any NLE is about making the sum of the parts, better than the parts alone. The finished product has to be "rendered", "transcoded" or somehow processed. In theory, there is some loss of picture quality. So, in other words, in Premier Elements you could trim the junk from your clips and "Export&Share" to a new clip containing only the part you wanted but with some theoretical quality loss. But, you probably won't see it much.
The other choice is to use a "smart render" product like I mentioned above.