Hello Readers!! We are again back with an exciting topic i.e managing your finances with AWS budgets. Managing your finances in the AWS cloud is challenging, but with the AWS budget, it is really not. So, by creating your AWS budget, analyzing your data on daily basis, monitoring your cost and usage, and setting up alerts by using these tips and tricks you can control your AWS spending.
What is AWS Budget?
AWS Budget is a free service offered by Amazon Web Services (AWS) that enables you to set custom cost and usage budgets to track your AWS usage and costs. By using this service, we can gain better control over our cloud costs, You can set your budgets on a monthly, quarterly, and annual basis. And in the case when you have your usage and costs more than the budget that you have set, then you will receive an alert. This notification you can get through email or SNS (Simple Notification Service).
AWS Budgets will provide you with reports and forecasts to help you plan your spending more efficiently.
Create your own AWS Budget:
Step 1: In the AWS Management Console, search for AWS budgets.
Open AWS budget. On the page, you will get an option to create a budget. Click on that.
Step 2: We have to select a budget template here. It provides you with two types of templates, one is a simplified one which is also recommended. In the simplified template, we can change some configuration options after the budget is created. Another is an advanced template, where all the things are customize and where we can set our parameters according to our use case.
Step 3: Select budget type here. It has four different types of budgets:
- Cost Budget(Recommended)– This type of budget allows you to set a specific dollar amount that you want to spend on AWS services over a given period. And you will get an alert when you will exceed this threshold defined for you.
- Usage Budget– By creating this type of budget, you can track your AWS service usages like EC2 or S3. And when you exceed this usage limit you will receive an alert.
- Savings Plans Budget– This type of budget helps you in tracking the utilization or coverage associated with your Savings Plans.
- Reservation Budget– This type of budget helps you to track your AWS savings from using Reserved Instances.
Click on Next after choosing.
Step 4: Give a descriptive name to your budget.
Select the appropriate period for your budget according to your need. You can get options for daily, monthly, quarterly, and annually.
Now set the budget renewal type i.e when your budget will get renew. It gives you two options:
- Recurring budget: It renews on the first day of every monthly billing period.
- Expiring budget: In this, we can set our on start and end date for the renewal of the budget.
Then mention your start month for the budget.
Step 5: Choose a budgeting method. We have three options here, choose it according to your need.
Also, give here the budgeted amount.
Step 6: Next step is very important. Here you need to mention the scope of the budget. Two options are available here:
- All AWS services– This budget scope is recommended. This scope gets apply to all the services that you are using in your AWS account.
- Filter specific AWS cost dimensions– Here you can apply a filter and set your AWS budget for a set of services like EC2 or lambda.
Click on Next after choosing this.
Step 7: Now add an alert threshold.
Set an alert threshold. I have given 90% so when my actual cost will be greater than 90% of my budgeted amount i.e $2.00, then the alert threshold will be exceeded.
Step 8: Thereafter add notifications preferences. Give here an email on which you want the alerts. You can also use SNS alerts and chatbot alerts.
Click on Next. Review all your configurations once and click on create budget.
So, here you can see it is created successfully.
We have successfully created an AWS budget for controlling our usage and costs. I have explained you erverything in brief that can help you.
That’s all!!!
Conclusion
In conclusion, we can easily manage our AWS finances with AWS budget. I hope you will find this useful in controlling your spending. So, if this blog helped you somewhere, do like this blog and share it with needful. If you still have any queries or you want to know more about this service do let me know at Naincy.kumari@nashtechglobal.com.
