Text clipping is a relative unknown feature in OS X that allows you to easily save text selection into text clipping file. The text clipping file can then be dropped into another app to reuse the saved text.
To create a text clipping, select the text you would like to save from any OS X apps such as Safari, Pages etc. Click on the selection and drag it into the Finder. You can also drag the selection to the Desktop since the Desktop is a Finder window. This will create a text clipping file with the .textClipping extension.
Text clipping will retain the rich text formatting of your text selection. It will also save link information such as URL address to image. You can press the Space key in Finder for a Quick Look of the content of the text clipping file.
To use back the text selection, simply drag the text clipping file from Finder into the document window of a destination application. You can also drop the text clipping into any text control, for example the search field at google.com in Safari.
You can use text clipping as an alternative to the clipboard for transferring text between applications. If properly organised, you can make use of text clipping to create a snippet library of you often used text. You can store letter template, email template and AppleScript codes for examples as text clippings. Save them into ~/Documents/Snippets folder or on the Desktop for easy access. You can rename text clipping files to make them easily recognisable.