The fundamental principles of AWS cost management are monitoring your AWS costs and usage, analyzing your usage patterns, and optimizing your cloud resources for maximum performance. You will need to proactively and continuously manage this process to stay within budget.
In November 2019 AWS introduced Savings Plans as a simpler and more flexible alternative to Reserved Instances, which provide significant discounts for volume purchases of instances.
Savings Plans provide discounts of up to 72% on Amazon EC2, AWS Fargate and Lambda usage, compared to on-demand rates. You have to make a commitment to a specific amount of compute usage, measured in dollars per hour, for a 1 or 3 year term. Any usage beyond that commitment is charged at on-demand rates. In this article we will …
Our automated solution dynamically manages your instance utilization through the optimum mix of Reserved Instances and Savings Plans to ensure that you get the maximum savings.