Cloud storage adoption has increased over the years as more and more data has been produced with particularly high demand for fast processing and low latency. To meet the users’ demands and to provide a cost-effective solution, cloud service providers (CSPs) have offered tiered storage; however, keeping the data in one tier is not a cost-effective approach. Hence, several two-tiered approaches have been developed to classify storage objects into the most suitable tier. In this respect, this paper explores a rule-based classification approach to optimize cloud storage cost by migrating data between different storage tiers. Instead of two, four distinct storage tiers are considered, including premium, hot, cold, and archive. The viability and potential of the approach are demonstrated by comparing cost savings achieved when data was moved between tiers versus when it remained static. The results indicate that the proposed approach has the potential to significantly reduce cloud storage cost, thereby providing valuable insights for organizations seeking to optimize their cloud storage strategies. Finally, the limitations of the proposed approach are discussed along with the potential directions for future work, particularly the use of game theory to incorporate a feedback loop to extend and improve the proposed approach accordingly.