One of the easiest hack to reduce your AWS bills is to migrate from x86 to arm64 CPU. Performance difference is negligible, and cost can be upto 50% lower for arm machines. This is for both RDS and general compute (EC2, ECS). Would recommend to all.
You can scale up by changing out to a bigger instance - it's surprising how far you can get with this strategy.
AFAIK ARM64 is around 20% cheaper, not sure where you got the 50%.
e.g. https://www.phoronix.com/review/aws-m8a-m8g-m8i-benchmarks -- m8a won virtually all of these comparisons by a wide margin. Raw performance isn't really Graviton's selling point; price-performance is.