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Yes, you can stop and start your instance. When it is stopped, you are not paying for compute. You will still have a cost for the EBS volumes.
You can also automate this using the Instance Scheduler on AWS.
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Thanks! One follow up: Does it store everything when going offline, for example does it keep all the files and data. Or do we have to restore this when starting the instance up again.
If you are using EBS volumes (most likely), everything is preserved.
Thanks, sounds perfect!