Does turning off your cellular data on an iphone save data?

When you turn off cellular data on an iphone quit data?
I only have a certain amount of data i can use and want to save it. I would like to just play games without using alot of data when i'm not connected to Wi-Fi.
(note: i'm using ios 7 and have verizon as a carrier)

YES!

Turning off your cellular data saves your data where as Wi-Fi is using ether your home Wi-Fi or someone elses

Yes it does save data. Keeping cellular data On will case Data use in background by apps like Mail or Twitter or Facebook or other apps that uses your Data.
Switching off the connection will save your mobile data uses.