Hey I wish to preserve a copy of my server, while moving to min billing plan till my server is not in use.. how should i proceed?

Hi, a very cheap way to conserve an EC2 instance that is not is use is to export it to S3 storage. See https://docs.aws.amazon.com/vm-import/latest/userguide/vmexport.html

Then, if you want to further reduce the costs, you can use the Infrequent Access class of S3: see https://aws.amazon.com/s3/storage-classes/

You have multiple options

1. Stop your EC2 instance , (You'll still be charged for EBS volume and Elastic IP). This is minimal effort and you can start your instance back anytime.
2. Create the snapshot of EBS volumes, move those to S3 and terminate your instance. You'll need to restore this when you want to use it again. To reduce cost further, as suggested by other experts, you can move snapshots to Infrequent Access class of S3.
3. You can export the VM to S3, and import it back to EC2.