Basics of AWS Cloud Cost Optimization

💰 Cost optimization is an essential 💓 process for the health of every organization. 💰

✍ It reduces ✂ your overall cloud ☁ spending by identifying mismanaged resources, stopping waste, prearranging capacity for higher discounts, and scaling computing benefits.

🚀 Seven things you can do to decrease the AWS costs 🚀

① Select suitable sizing computing servers and the right pricing plans.

② Discover inactive and unattached resources and take immediate measures to terminate them.

③ Investigate Amazon DynamoDB 🛢 usage and utilize Auto Scaling and On-demand components for DynamoDB 🛢 tables. It assists in decreasing the cost.

④ Invest planned computation in EC2 Reserved Instances (RIs) 📠

⑤ Take Advantage of Amazon EC2 Spot Instances to reduce EC2 costs

⑥ Review the networking 🗼 usage and reduce costs by deleting idle load balancers or unused network-related resources.

⑦ Explore the Amazon S3 📂 detailed usage and reduce cost by utilizing the lower-cost storage tiers.

There are several ways to optimize costs on AWS, including:

1. Right-sizing: This involves selecting the appropriate instance type and size to match the workload requirements.

2. Auto Scaling: This allows you to automatically increase or decrease the number of instances based on the workload demand.

3. Reserved Instances: This option allows you to reserve instances for a period of time and pay a lower hourly rate compared to on-demand instances.

4. Spot Instances: This option allows you to bid on spare Amazon EC2 capacity and pay a lower hourly rate compared to on-demand instances.

5. AWS Savings Plans: This allows you to commit to a consistent amount of usage and pay a discounted rate on the compute usage.

6. AWS Cost Explorer: This tool allows you to analyze your costs and usage across multiple services, identify cost drivers, and forecast future costs.

7. AWS Cost and Usage Report: This report provides detailed information about your usage and costs, allowing you to identify and address usage patterns that may be driving unnecessary costs.

8. AWS Trusted Advisor: This service analyzes your AWS environment and provides recommendations for cost optimization, security, and performance.

It's important to regularly review your cost optimization strategies and adjust them as needed to ensure that you are getting the most cost-efficient use of AWS resources.