Snowflake is a powerful and scalable data warehouse that can help organizations manage their costs effectively, but without proper management, costs can skyrocket. To optimize Snowflake costs, it's essential to set the correct auto-suspend feature, right-size warehouses by monitoring remote disk spillage, use a serving layer for high-concurrency sub-second queries, identify and fix inefficient queries, and set up Resource Monitors to track credit usage. By implementing these strategies, organizations can reduce their Snowflake costs and ensure efficient data warehouse usage.