The phrase "significant savings" refers to a substantial reduction in costs or expenses. It can be used to describe any situation where there is an amount of money that has been saved, which is considered noteworthy and worth mentioning due to its magnitude. This could mean saving a large sum of money on a purchase, reducing operational costs for a business, or cutting back on spending in order to reach a financial goal. The term "significant" implies that the savings are meaningful and have an impact, making it possible to achieve something else that was previously unattainable due to lack of funds.