Hey @ojschwa 👋
You can use the same instance and keep two separate databases for staging and production if you want to save costs.
If you're going to implement it this way, then you can add separate users for staging and production so that one cannot access the other. So it should be fine in that way.
The only downside is that when the instance is down, staging and production both go down so it's better to have at least 2 instances so that one can act as a backup if the primary fails.