The UK economy will see growth rates stabilise in the remainder of the year, according to business lobby group, the Confederation of British Industry (CBI).

It means many people across the UK will have the opportunity to get their finances in order, without the prospect of dramatic changes.

The only thing to watch out for is a rise in interest rates from the Bank of England, expected to occur early in 2015.

Despite this though, the CBI believes the economy will continue in line with forecasts from May, when growth of 3% in 2014 and 2.7% in 2015 was predicted.

Consistent growth starting to slow

The UK economy has grown by an average of 0.7% since the first quarter of 2013, faster than any of the other countries that make up the G7.

Rising confidence among businesses and consumers has aided this, while improving credit conditions and reductions in uncertainty over demand also assist the situation.

The first half of 2014 saw accelerated growth but that is expected to slow in the second half of the year, with 0.7% predicted for Q3 and 0.6% for Q4.

The easing of momentum is reflective of other conditions, including weak productivity and slow wage growth, although average earnings are expected to grow by 1% this year and 2.4% next.

UK economy on ‘solid ground’

It leaves the UK’s recovery on “solid ground,” according to the Director General of the CBI, John Cridland, who added that it is set to become “further entrenched” in the coming year.

Until wages pick up though, many households will need to carefully manage their finances and are expected to take financial decisions that will reflect this.

The CBI has also highlighted the potential risks relating to heightened tensions in Ukraine and the Middle East, which could influence government policy.

Commodity prices and inflation could be affected, as could the global financial market, but the current situation suggests the recovery will remain strong regardless.

Managing finances with prepaid options

For anybody looking to manage their finances as autumn approaches, one approach could be to consider a prepaid card.

Once loaded with finances, only that money can be spent so it represents a great way of budgeting to ensure overspending does not occur.

There’s no credit facility either so it’s impossible to rack up debts, while this option is also suitable for those wishing to have access to electronic payment options without the need of a credit check.

Security measures, including Chip and PIN protection, can also be included and the cards are not linked directly to bank accounts, reducing the risk of fraud.