Cloud computing has been adopted as a means of cost savings and speed-to-market for startups and small organizations. Scaling operations to meet customer and business demands has been a game-changer for many companies. However, many organizations report their inability to manage these costs as cloud computing expenses spiral out of control. According to the Flexera 2024 State of the Cloud report, 84% of enterprises say managing cloud spending is their top challenge–ranking it higher than security. Most organizations claim they waste an estimated 24% of their cloud budget. This highlights the need for better methods of managing and optimizing cloud costs, which can potentially save these companies millions of dollars annually. Cloud engineers and administrators should equip themselves with cloud cost management and optimization techniques and understand how best to implement them to optimize cloud expenditure and maximize ROI.