3D Gaussian Splatting (3DGS) is a new method for modeling and rendering 3D radiance fields that achieves much faster learning and rendering time compared to SOTA NeRF methods. However, it comes with a drawback in the much larger storage demand compared to NeRF methods since it needs to store the parameters for several 3D Gaussians. We notice that many Gaussians may share similar parameters, so we introduce a simple vector quantization method based on \kmeans algorithm to quantize the Gaussian parameters. Then, we store the small codebook along with the index of the code for each Gaussian. We compress the indices further by sorting them and using a method similar to run-length encoding. Moreover, we use a simple regularizer to encourage zero opacity (invisible Gaussians) to reduce the storage and rendering time by a large factor through reducing the number of Gaussians. We do extensive experiments on standard benchmarks as well as an existing 3D dataset that is an order of magnitude larger than the standard benchmarks used in this field. We show that our simple yet effective method can reduce the storage cost for 3DGS by 40x to 50x and rendering time by 2x to 3x with a very small drop in the quality of rendered images.