© 2017 IEEE. The Internet of Things (IoT) has presented many new dimensions to information technology and data communications and has helped to develop the concepts of Smart City, Smart Travel, Smart Surveillance, Smart Health, Smart Energy, Smart Agriculture, etc. IoT offers lots of opportunity to alter conventional monitoring methods through the use of Smart IT, but it has performance limitations in terms of computational resources, limited storage and processing big data. By merging IoT and cloud computing the industry can overcome the low processing power and storage limitations of IoT, since, cloud computing is ubiquitous, comprises high computational and storage capacity ability, has unlimited virtual resources available and is capable of processing big data. However, the cloud is not a free resource and its costs need to be managed. In this paper, we discuss various cost issues which need to be smartly managed for Industries adopting the Cloud with IoT.