Just a quick scouting question, so I can make sure I know how this works. At the end of the season, I'll get some amount of "points" or "looks" at a player's skills, right? And the money I put in each week gets added up to total these points?
yes.yes. (the "draft" topic in the rules page explains this in more detail)
I'm thinking of cutting back on my scouting because I can't afford it, and I'm wondering if other people are doing the same.
That's a decision you have to make. Theoretically u should invest more on scuoting if you are low on the standings, and less if u are high (cause high teams on the standings will pick late on the draft and most of the best players will be already gone). but it's only a matter of opinion.