We study semantic compression for text where meanings contained in the text are conveyed to a source decoder, e.g., for classification. The main motivator to move to such an approach of recovering the meaning without requiring exact reconstruction is the potential resource savings, both in storage and in conveying the information to another node. Towards this end, we propose semantic quantization and compression approaches for text where we utilize sentence embeddings and the semantic distortion metric to preserve the meaning. Our results demonstrate that the proposed semantic approaches result in substantial (orders of magnitude) savings in the required number of bits for message representation at the expense of very modest accuracy loss compared to the semantic agnostic baseline. We compare the results of proposed approaches and observe that resource savings enabled by semantic quantization can be further amplified by semantic clustering. Importantly, we observe the generalizability of the proposed methodology which produces excellent results on many benchmark text classification datasets with a diverse array of contexts.