According to the latest ONS data, the UK economy grew by 4.8% in the second quarter of 2021, thanks largely to the end of lockdown restrictions, allowing retail and hospitality to reopen.

Even though the figure was less than the Bank of England’s target of 5%, the recent growth is still a cause for celebration, showing the economy is slowly but surely on the mend after a turbulent financial year.

According to the top personal finance experts at money.co.uk, periods of growth such as the current economic climate are also the best time for consumers to be forward thinking with their finances and put in preparations now for the coming autumn and winter months.

James Andrews, senior personal finance expert at money.co.uk said: “The 4.8% growth for the UK economy is fantastic news, especially after a number of long and difficult periods of disruption this year. But it’s important to remember that while things are better, we are still operating well below where the economy was before Coronavirus struck.

“According to the data, the main driver of growth was consumer spending, which rose by 7.3% in the second quarter of the year when non-essential retail reopened, and Brits were able to spend some of their lockdown savings.

“While post lockdown spending sprees were expected, and completely understandable for consumers, now is also one of the best times to look at financially preparing for your future.

“Financial preparation doesn’t necessarily mean ploughing every spare penny into a savings account – there are several small, practical changes to your personal finance habits that cost little to nothing. If you take them now, they’ll make life much easier for you later in the year.

“For example, many people over the course of the pandemic turned to BNPL (buy now pay later) schemes when times were tough, and now face unsustainable levels of debt. In fact, this issue is so widespread that recent reports from the FCA estimate that the BNPL industry is now worth up to £2.7bn overall, a massive increase from the previous year.

“If you are stuck with increasingly hefty bills from BNPL schemes, it might be worth transferring your existing credit card debt onto a 0% balance transfer card.

“While they won’t do anything to bring your debt down, the cards will stop you being charged any more interest on your existing debt, giving you some breathing room while you clear the balance.

“Just remember, using a 0% balance transfer card to give you time and space to tackle your debts is fine, but don’t make any new payments on the card or you’re only adding to the amount you have to pay back.

“Another thing you might want to sort earlier rather than later is reviewing your utility bills. While prices may be fairly steady at the moment, there is the potential for your energy, water, and broadband bills to spiral as we move into autumn and winter.

“To protect yourself from an unexpected surge, consider swapping your variable rate bills for fixed plans. This will give you the security of knowing how much you’ll be paying for a specific period of time, and could potentially save you hundreds of pounds towards the end of the year.

“If your current provider doesn’t have a good fixed deal available, switch to one that does. There’s no room for brand loyalty, particularly given how much of a turbulent year we’ve had. Be ruthless in your hunt for the right package for you, it’ll pay off in the long run.

“Many providers will also give you a cash fee or some kind of voucher reward for switching, so as well as improving your financial security, you might be able to pick up a nice reward for yourself or your family to enjoy now lockdown has fully eased.