In this work, we leverage advances in sparse coding techniques to reduce the number of trainable parameters in a fully connected neural network. While most of the works in literature impose $\ell_1$ regularization, DropOut or DropConnect techniques to induce sparsity, our scheme considers feature importance as a criterion to allocate the trainable parameters (resources) efficiently in the network. Even though sparsity is ensured, $\ell_1$ regularization requires training on all the resources in a deep neural network. The DropOut/DropConnect techniques reduce the number of trainable parameters in the training stage by dropping a random collection of neurons/edges in the hidden layers. However, both these techniques do not pay heed to the underlying structure in the data when dropping the neurons/edges. Moreover, these frameworks require a storage space equivalent to the number of parameters in a fully connected neural network. We address the above issues with a more structured architecture inspired from spatially-coupled sparse constructions. The proposed architecture is shown to have a performance akin to a conventional fully connected neural network with dropouts, and yet achieving a $94\%$ reduction in the training parameters. Extensive simulations are presented and the performance of the proposed scheme is compared against traditional neural network architectures.