Best Practices for AWS Cost Optimization:
1. Optimize Compute Costs
Right-sizing EC2 instances, leveraging Spot Instances for non-critical workloads, and using Savings Plans are proven ways to reduce compute costs.
2. Maximize Discounts on Databases
Relational databases like RDS and Aurora can become costly if not managed properly. By automating Reserved Instances (RIs) and Convertible RIs, enable businesses to lock in long-term savings.
3. Streamline EBS Storage
Effective EBS optimization involves identifying and eliminating unused volumes, using cost-efficient storage tiers, and automating backup lifecycles.
4. Improve Elasticache Efficiency
By fine-tuning Elasticache clusters and leveraging auto-scaling for caching needs.
5. Redshift Cost Management
Analyzing Redshift workloads and employing Reserved Instances or leveraging serverless Redshift options.