Recently, 3D Gaussian splatting (3D-GS) has gained popularity in novel-view scene synthesis. It addresses the challenges of lengthy training times and slow rendering speeds associated with Neural Radiance Fields (NeRFs). Through rapid, differentiable rasterization of 3D Gaussians, 3D-GS achieves real-time rendering and accelerated training. They, however, demand substantial memory resources for both training and storage, as they require millions of Gaussians in their point cloud representation for each scene. We present a technique utilizing quantized embeddings to significantly reduce per-point memory storage requirements and a coarse-to-fine training strategy for a faster and more stable optimization of the Gaussian point clouds. Our approach develops a pruning stage which results in scene representations with fewer Gaussians, leading to faster training times and rendering speeds for real-time rendering of high resolution scenes. We reduce storage memory by more than an order of magnitude all while preserving the reconstruction quality. We validate the effectiveness of our approach on a variety of datasets and scenes preserving the visual quality while consuming 10-20x less memory and faster training/inference speed.