While typing sentences I would like to change the text color at few places. To do so I have to do it manually by going to fonts pop section. Is there any way to create a keyboard shortcut so that I can change the text color of some word in sentence while I am typing?
Press Alt+H(h) and then you'll see the shortcuts on the toolbar, press FC to operate color menu and press A(Automatic) for black or browse through other colors using arrow keys.
For Word 2010 and 2013, go to File > Options > Customize Ribbon > Keyboard Shortcuts > All Commands (in left list) > Color: (in right list) -- at this point, you type in the short cut (such as Alt+r) and select the color (such as red). (This actually goes back to 2003 but I don't have that installed to provide the pathway.)
You could use a macro, but it’s simpler to use styles. Define a character style that has the desired text color and assign a shortcut key to it, say Alt+R. In order to be able to switch color using just the keyboard, define another character style, say “normal”, that has no special feature—just for use to get normal text after switching to your colored style, and assign another shortcut to it, say Alt+N. Then you would just type text, press Alt+R to switch to colored text, type that text, press Alt+N to resume normal text color, etc.
Alt+H, then type letters FC, then pick the color.
Source: Stackoverflow.com