A bucket is the top level container everything in Cloud Storage lives inside, the same role a top level folder plays on a hard drive, except a bucket also carries its own location, storage class, and access settings that apply to everything stored in it. A few of the choices made while creating one are effectively permanent, so it is worth understanding what each setting actually does before clicking through it.
This walks through every step of creating a bucket in the console, including the two decisions, location and storage class, that decide most of what you end up paying for it.
Open the console, then the menu, then Cloud Storage.
Click on menu > Cloud Storage.

Click Create Bucket.

Give the bucket a name, then click Continue. Bucket names have to be unique across the whole of Google Cloud, not just your own project, so a short, generic name is often already taken by someone else entirely. Including your project name or a random string in the bucket name usually resolves this.

Click Continue after selecting a location type.

The live console shows a brief note here that each storage class has its own cost. Here is what that actually means in numbers.

| Class | Storage Cost | Minimum Storage | Best For |
|---|---|---|---|
| Standard | About $0.020 per GB monthly | None | Data accessed regularly |
| Nearline | About $0.010 per GB monthly | 30 days | Data accessed about once a month |
| Coldline | About $0.004 per GB monthly | 90 days | Data accessed about once a quarter |
| Archive | About $0.0012 per GB monthly | 365 days | Data accessed less than once a year |
Storage gets cheaper as you move down this list, but retrieving data from a colder class costs more, and each colder class charges you for the full minimum storage duration even if you delete the data earlier. Prices vary by region and change over time, so treat these as a starting point for comparing classes against each other, not an exact quote for your bucket.
Choose the class that fits how often this data will actually be accessed, then click Continue.

Choose between Fine Grained and Uniform access control, then click Continue. Uniform is the current default and generally the recommended option, but it is worth knowing that once Uniform has been active on a bucket for 90 consecutive days, it cannot be switched back to Fine Grained. The Cloud Storage Bucket Permissions guide in this series covers the difference in more depth.

Choose the encryption type you need, then click Create.

The bucket will be created.

That covers creating a Cloud Storage bucket and what its location and storage class settings actually cost. To go further, explore Prwatech’s Google Cloud training program, which includes placement assistance.