Cost optimization is a key part of managing your application in a Cloud environment. To help you do this AWS has recently announce EC2 Resource Optimization Recommendations.
To see these recommendations you must have Cost Explorer enabled in your billing console. Once enabled you will be able to Launch Cost Explorer.
Unfortunately, you will have to wait 24 hours for data to become available before you can view your recommendations.
24 Hours Later...
After 24 hours has passed you should be able to see the recommendations from AWS.
If you now select one of the services under Reservation purchase recommendations you will see the details of that recommendation.
As you can see above my current recommendation is to purchase four t2.nano flexible reserved instances. I’m currently running a couple of t2.micro instances, which is why AWS has recommended the smaller instance size but as a flexible option. This essentially means I can use two t2.nano reservations for a t2.micro instance size. Similarly, I could use all four reservations for a single t2.small instance.
Now, go and see what savings you can make in your AWS account.