Purchasing Reserved Instances to stop paying for existing Instances - AWS

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I have a couple of instances(t2.micro & c5.2xlarge) that are running an application and they will be running 24/7 for the years to come. I am looking into buying reserved instances to save costs and have a question. If I purchase these instances, will they be automatically applied towards my existing instances?

Edit: my instances are regular on-demand not spot, sorry for the confusion.

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