Creating a budget in AWS is an important step for managing and controlling your cloud costs. AWS Budgets lets you set custom cost and usage limits that notify you when you exceed your thresholds. Here’s a simple guide on how to create and manage budgets in AWS.
1. Sign in to the AWS Management Console
Open the AWS Management Console.
Go to the Billing and Cost Management dashboard.
2. Access AWS Budgets
In the navigation pane, select Budgets.
Click on Create a budget.
3. Select Budget Type- Creating a Monthly Cost Budget
Choose the type of budget you want to create. AWS offers several types:
Cost Budget: Track your costs against a specified amount.
Usage Budget: Monitor your usage of specific AWS services.
Reservation Budget: Track your Reserved Instances (RI) and Savings Plans utilization and coverage.
4. Set Budget Details
Budget Name: Enter a unique name for your budget.
For the budget amount, select Fixed and enter the amount you want to allocate each month, e.g., $100.00
Set thresholds at 80%, 90%, and 100% to receive alerts when your spending approaches these limits.
Choose to receive notifications via email.
Review all the details you have entered.
Click on Create Budget to finalize.
Review created Monthly budget
Tips for Effective Budget Management
Regular Monitoring: Regularly check your budget reports to stay on top of your spending.
Adjust Budgets as Needed: If your usage patterns change, adjust your budgets accordingly.
Use Cost Explorer: Leverage AWS Cost Explorer to analyze your spending and identify cost-saving opportunities.
By following these steps, you can effectively manage your AWS costs and avoid unexpected charges. AWS Budgets is a powerful tool that helps you maintain control over your cloud spending and ensures you stay within your financial limits.
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Sprasad