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✅
You can change the instance type to a cheaper one and increase it as needed.
Take a look to http://www.n2ws.com/how-to-guides/how-to-modify-rds-instance-types.html
1👍
If your using MySQL then its easy.
Step 1 : Just go to -> Instance actions.
Step 2 : Select modify option from there change the DB Instance Class type to any flavour you want, also you can change the size of RDS instance if you want to lessen the storage space also.
Note: You can increase or decrease space and instance class anytime you want. I recommend to read more about it on AWS site.
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Source:stackexchange.com