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Stopping and Starting EC2 instances / Budget
It is clear whether it is possible or not to stop EC2 instances. Actually a default setup would cost $1700 / month when running 24/7.
Stopping and starting EC2 instances is not supported as of 2015-08: http://stackoverflow.com/questions/31848810/mesososphere-dcos-cluster-on-aws-ec2-instances-are-terminated-and-again-restart
Eventually some (temporary) adjustments to autoscaling may help.
You could also consider using spot instances, which are available at a fraction of the price but might be terminated on high demand when the spot price exceeds your maximum bid. For sure, your architecture must be resilient and be able to handle that... https://aws.amazon.com/de/ec2/spot/
Thanks for the hint, spot instances now supported with commit a6a15df9d813e6a3ade303a0cc310f1f31a80209 which should work nicely for experimental uses... Still a long way however for a productive setup, where one would want to mix some reserved instances to make sure you will never loose data plus some spot instances to reduce cost on (heavy) loads.