My tip for making the most of any Christmas bonus - as featured in The Telegraph
Thousands of us will happily have received a Christmas bonus this year – whether it was £100 or £5,000. Many will have been tempted to use the cash to top up the present pile in a flurry of last-minute shopping, but there are plenty of ways to make unexpected money go further.Contributing to a pension is likely to be the most tax-efficient use of your bonus. If possible, ask your employer to pay you using a “salary sacrifice” arrangement – this saves National Insurance payments for both you and the firm. Scott Gallacher of financial adviser Rowley Turton said a basic-rate taxpayer who received a £1,000 bonus might get only £680 after tax and NI. This could be turned into a £1,138 pension contribution if the employer also passed on its NI saving.