SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 Current Report
                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934


       Date of Report (Date of earliest event reported): September 4, 1997


                             Tel-Save Holdings, Inc.
- --------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


        Delaware                     0-26728              23-2827736
- ----------------------------       -------------       ----------------
(State or other jurisdiction       (Commission         (I.R.S. employer
       of incorporation)           file number)        identification no.)


 6805 Route 202, New Hope, PA                              18938
- ----------------------------------------                 ----------
(Address of principal executive offices)                 (Zip code)


- --------------------------------------------------------------------------------
       Registrant's telephone number, including area code: (215) 862-1500


- --------------------------------------------------------------------------------
          (Former name or former address, if changed since last report)


<PAGE>
Item 5.   Other Events

          See attached press release dated September 4, 1997.

Item 7.   Exhibits

99.1.     Press release of the registrant dated September 4, 1997.


<PAGE>


                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.


                                              TEL-SAVE HOLDINGS, INC.



Date:  September 5, 1997                      By: /s/ Aloysius T. Lawn, IV
                                                  ------------------------
                                                  Aloysius T. Lawn, IV
                                                  General Counsel and
                                                    Secretary



                                      - 5 -
<PAGE>

                                 EXHIBIT INDEX

99.1      Press Release of the registrant dated September 4, 1997.
[{"type": "8-K", "sequence": "1", "description": "FORM 8-K", "secsgml_size_bytes": 2435}]
{"company-data": {"conformed-name": "TEL SAVE HOLDINGS INC", "cik": "0000948545", "assigned-sic": "4812", "irs-number": "232827736", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "file-number": "000-26728", "film-number": "97676003"}, "business-address": {"street1": "6805 ROUTE 202", "city": "NEW HOPE", "state": "PA", "zip": "18938", "phone": "2158621500"}, "mail-address": {"street1": "6805 RIYTE 202", "city": "NEW HOPE", "state": "PA", "zip": "18938"}}
SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 Current Report
                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934

       Date of Report (Date of earliest event reported): September 4, 1997

                             Tel-Save Holdings, Inc.
- --------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

        Delaware                     0-26728              23-2827736
- ----------------------------       -------------       ----------------
(State or other jurisdiction       (Commission         (I.R.S. employer
       of incorporation)           file number)        identification no.)

 6805 Route 202, New Hope, PA                              18938
- ----------------------------------------                 ----------
(Address of principal executive offices)                 (Zip code)

- --------------------------------------------------------------------------------
       Registrant's telephone number, including area code: (215) 862-1500

- --------------------------------------------------------------------------------
          (Former name or former address, if changed since last report)
Item 5.   Other Events

          See attached press release dated September 4, 1997.

Item 7.   Exhibits

99.1.     Press release of the registrant dated September 4, 1997.
SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned, thereunto duly authorized.

                                              TEL-SAVE HOLDINGS, INC.

Date:  September 5, 1997                      By: /s/ Aloysius T. Lawn, IV
                                                  ------------------------
                                                  Aloysius T. Lawn, IV
                                                  General Counsel and
                                                    Secretary

                                      - 5 -
EXHIBIT INDEX

99.1      Press Release of the registrant dated September 4, 1997.