Reducing cost for historical/unused/archived data is a challenging task due to massive storage requirements, and SingleStoreDB Self-Managed offers an effective solution by providing unlimited storage. By converting storage into a low-cost Glacier storage class, organizations can save up to ~85% on expenses. To achieve this, create a database archiving policy to move historical data from local databases to unlimited storage databases, and then set up a lifecycle policy to transition objects between storage classes. Once the data is moved, detach the database and create a milestone, allowing for easy restoration of the database when needed. The process involves creating an unlimited storage database on AWS S3, setting up archiving policies, configuring lifecycle rules, and attaching the database after restoration in standard storage.