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The National Foundation for Credit Counseling survey reports many Americans are choosing to pay down debt and pad their savings account ahead of spending money on gifts this year.

These findings are supported by the results of a national Apartments.com survey revealing renters feel uneasy about the current economy and are approaching this holiday season more cautiously, choosing to save money by cutting back on holiday expenses and spending what they have set aside wisely.

The majority of renters surveyed said they are trimming back holiday budgets more this season compared to last. In fact, 65 percent of respondents said they are spending less on gifts, travel and entertainment this year than 2008 and 70 percent said they are keeping these holiday expenses under $500. More than 15 percent said they do not plan to celebrate the holidays at all. While nearly 30 percent of renters said they are pinching their pennies due to the loss of a job or taking a pay cut at work, 44 percent are being careful to save money in response to an uncertain economy.

Even during challenging times, renters are doing their best to make the most of their holiday celebrations by keeping costs low. To ensure they snag the best deal for their holiday dollar, renters are giving less and taking more time to research deals and consumer product reviews for gifts online. The top five holiday cost-savers ranked by renter survey respondents are:

Cutting back on gifts or not exchanging at all (73%)

Shopping online early to compare prices and research customer reviews (28%)

Taking advantage of online promotions, coupons and free shipping (27%)

Cancelling or cutting back on holiday travel or changing plans to a later date (16%)

Emailing digital holiday cards (16%)

SOURCE Apartments.com