AWS Budgets allows you to set custom cost and usage budgets that alert you when you exceed your thresholds. This feature helps teams to monitor their spending and ensure it aligns with the set budget.

Steps:

Open AWS Budgets:

Sign in to the AWS Management Console.

Open the AWS Budgets dashboard.

Create a New Budget:

Click on "Create a budget".

Select "Cost budget" and click "Next".

Set Budget Details:

Enter a unique name for the budget.

Define the period (e.g., quarterly) and start date.

Set the budgeted amount as specified by the finance department.

Define Filters:

Use the filters to select the specific services each team is responsible for (e.g., storage, compute, database).

Set Alerts:

Specify the threshold for forecasted cost that will trigger an alert (e.g., 80% of the budget).

Enter the email addresses of the recipients (the respective teams).

Review and Create:

Review the configuration and click "Create budget".

By setting up individual budgets for each team and filtering by services, you can ensure that each team is alerted when their projected spend approaches the threshold. This method does not incur additional compute, storage, or database costs.