This tool allows you, to create, save and delete your own palettes.

Imagine, with much effort, you have created personalized colors and you desire to save them. Now you can make it without problem.
Do this:

Go to SP General Tools toolbar /Settings/ General Tools Settings

In the showed window:

Choose the wished colors, name your palette and save it. You will see, it will be added to the existing customized palettes list.

The next time, you only have to select your palette and apply directly.