For example, even if you start with 22k 16bit Stereo, you can export at 11k 8bit Mono. You can upgrade to 44k at a later time if you want. Another factor which affects quality and file size is the bit depth. 16 bit sound is the best and 8 bit sound is half the size. However, mono takes half the file space.
Compression is another way to reduce file size while retaining as much quality as possible.
Format 1 sec. Format 1 sec.