What are the best practices for cost management on Microsoft Azure?

The best practices for cost management on Microsoft Azure are: monitoring usage, optimizing resources, and leveraging cost-saving tools. You can manage monitor spending, and set budgets with Azure Cost Management and Billing. Optimize resources by resizing virtual machines, taking advantage of auto-scaling, and shutting down instances not in use.
Leverage Azure Reserved Instances and Savings Plans to receive discounted pricing for long-term commitments. Apply tagging for better resource organization and cost allocation. Periodically review and eliminate underutilized resources. Utilize Azure Advisor recommendations for cost optimization, leverage free-tier services when possible. Such practices keep expenses at bay while maximizing the fullest capability of Azure.