Secrets Manager enables you to replace hardcoded credentials in your code, including passwords, with an API call to Secrets Manager to retrieve the secret programmatically. This helps ensure the secret can't be compromised by someone examining your code, because the secret no longer exists in the code. Also, you can configure Secrets Manager to automatically rotate the secret for you according to a specified schedule. This enables you to replace long-term secrets with short-term ones, significantly reducing the risk of compromise.
To get an overview how it look like, see AWS Secrets Manager: Store, Distribute, and Rotate Credentials Securely.
Cost
See Pricing. $0.40 USD per secret per month and $0.05 per 10,000 API calls.
Documents
Create a secret via the AWS console or using SDK. See Creating a secret. A secret is a key/value pair where the value is in JSON format.
Alternatives
Hashicorp Vault
Lambda
Use a lambda which only accepts an access from those with a specific IAM role/permission attached to the IAM profile of an EC2 instance to run your app.
Others
Just Googling "parameter store for secret management" showed bunch of articles and how-to. Please do the research first.
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