Excel 2011 version 14.4.8 running on an iMac gets "out of memory" messages.

HELP!!! Excel 2011 running on an iMac with OS 10.10.2 and 16GB Ram gets "out of memory" messages. When I monitor processes with "Activity Monitor", I am using less than half of my RAM. The Excel workbook has many sheets and also some macros. The basic workbook has been running for about two and half years starting in August 2012 without any problems until I upgraded to Yosemite in early December 2014. Now I often have to restore the entire file content because it gets corrupted after not being able to save the file because of the "out of memory" message. I can take a file and its content that ran fine a year ago and run it today and it will eventually get corrupted and get the "Out of memory" message after saving/quitting/re-opening the file any where from 6 to 15 to 25 times. I think I need to have more memory allocated to Excel, but Yosemite doesn't provide any way for the user to interact with the memory management process. I have also experienced the very same problem on my MacBook Pro that runs Yosemite. I have worked file/path name length issues, closely inspected the macros that normally don't run except when activated with a user pressed button, and made sure I don't have any weird links within the workbook or even links to another file outside the workbook. This problem seems to get worse as a continue to fill up the spread sheet with more financial data. This Excel workbook is used to manage my club's finances; I am the club treasurer. I have searched the internet for clues about similar problems and have found none!
My iMac is a 27-inch, Late 2009 with a 2.8GHz Intel Core i7 Processor. It includes 16GB of 1067 MHz DDR3 RAM. The hard drive is a fussed 1TB rotating HD with 128 GB SSD. This hardware has been running for about 27 months. I am a very advanced Mac user that programs Excel and Filemaker and repairs Macs for others.

I am a very advanced Mac user that programs Excel and Filemaker and repairs Macs for others.
I am a not a very advanced Mac user that uses programs like Excel and Filemaker and avoids any repairs of Macs for others
Given the caveat, have you tried reinstall of Office? Your MS Office 2011 may have become corrupted. After upgrading to Yosemite I had to reinstall my Office 2011. No crashes.
The current version of Office 2011 is 14.4.8.
First - find your Office 2011 install disc with the product key # - and only then remove Office according to MS instructions
http://support.microsoft.com/kb/2398768
Or go here to DianefromOregon's site for help removing Office 2011:
http://www.officeformachelp.com/2012/12/office-for-mac-2011-remove-office/
Then Reinstall from DVD
Then enter your Product #
After successfully reinstalling Office 2011, update your Office product using the Software update within Office called Microsoft Update or going to the Help menu within Word or Excel or PowerPoint and select Update.
It may take a few times before you get to final upgrade to current Office version.
It should be 14.4.8 as of current date.
How to locate product keys
http://support.microsoft.com/kb/2279109
or here on locating product keys
http://office.about.com/od/MicrosoftOfficeMac/a/Best-3-Ways-To-Find-Microsoft-Of fice-For-Mac-Key-Codes.htm
Note is updated as of March 4, 2015

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