Saving Studio Time
Below are some suggestions to minimize time in the studio if you are paying for it by the hour.
Rehearsing for Recording
Most bands will rehearse for a live performance but, for some reason, they do not always do so for recording sessions. The number one way to save money in a recording session is to know exactly what you want to play.
Prepare for a recording session in the same way that you prepare for a live show. Then perform in the studio as closely to the live rehearsal as possible. The point is to avoid learning your parts while you're on the clock. You'll get through them quicker if everyone knows the parts well enough to play it live. Of course you'll come up with ideas in the studio as you play and you should go with those instincts. The point is to avoid practicing your part as you record it. That is exactly when it gets time-consuming.
Tuning the Drums
Tune your drums as soon as you get to the studio before you record a single thing. Many drummers skip tuning their drums. And, generally, in a live performance, it's not really that necessary. Any bad tuning "comes out in the wash."
During recording, however, you'll be putting a microscope to your playing. An out-of-tune drum can actually ruin a recording and is more noticeable than you might think. Tuning them at the beginning of the recording process can avoid the need to re-record tracks and can save you money. The reason why drum machines are so popular for recording has as much to do with tuning issues as it does with keeping solid time. (Ok, sometimes it has to do with avoiding working with drummers!)
The drums, generally, are the most difficult thing to record properly. Leave plenty of time to deal with drum issues when you plan out your recording schedule.
Bring Extra Items of Everything
Bring extra items of absolutely everything that you use when you play. You get charged for the time to go to the store to buy a battery for your pedal. Take care of it ahead of time to save money. Think of extra strings, batteries, cables, tuners, AC plugs, power strips, reeds, tools, and anything else that you use that is important to your performance.