News last week that the inflation rate is heading further away from the Federal Reserve's target 2% goal wasn't the development millions of Americans were hoping for, seniors least among them. Now at 2.7%, inflation has increased in both May and June, helping to ensure that today's high interest rates and, thus, borrowing costs, remain elevated for the foreseeable future. 

While this is problematic for most adults, it's arguably more of an issue for seniors traditionally reliant upon limited income streams like Social Security and retirement funds. For these Americans, each dollar needs to be stretched strategically, especially now with everyday costs remaining high and rate relief being delayed further.

Fortunately, there are some strategic money moves that these seniors can explore currently, some of which can help them as soon as this August. Below, we'll detail three worth investigating right now.

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3 smart money moves seniors should make this August

Here are three smart money moves, either made together or individually, that could go a long way toward improving the financial health of seniors this August:

Tackle high-rate debt

The average credit card rate is just under a recent record high of 23%. The average credit card debt is around $8,000. So if you're stuck with the latter and paying the former, it's past time to tackle your high-rate debt. Fortunately, there are multiple debt relief options that can help, ranging from debt management programs to debt consolidation loans to credit counseling and even credit card debt forgiveness and bankruptcy for more extreme cases. Just don't sit idle, either. With rates high and interest compounding here, taking action is critical if you want to regain your financial independence anytime soon.

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Explore alternative income streams

For many seniors, Social Security just doesn't make ends meet. And now, with concerns surrounding overpayments and potential clawbacks, this may not be the reliable income stream it once was. But there are alternatives worth exploring, whether that means a personal loan or tapping into your home equity with a home equity loan or reverse mortgage. The latter home equity borrowing tool can be particularly effective now as it's only available for seniors and won't require monthly payments back to a lender the way a personal loan or home equity loan would. Still, it does require reducing your home's worth to secure that extra income, so it's worth investigating closely before getting started.

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Revisit insurance protections

It's never too late to increase your insurance protections … or look for ways to reduce costly premiums. Use this summer, then, to do both. Are your life insurance protections adequate for your current financial circumstances and your beneficiaries? What about your long-term care insurance needs? Some seniors may find Medicare supplemental insurance a worthwhile investment if it makes up the gap left over by traditional Medicare coverage. Use this time to revisit your insurance protections for ways to cover yourself more adequately while also reducing premiums and coverage costs that no longer meet your changing needs.

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The bottom line

While the above list is not all-encompassing, it marks a good starting point for seniors in need of financial relief, additional income and long-term economic protections right now. By making these strategic money moves and by speaking with a financial advisor (if needed), seniors can take steps toward improving their financial health as soon as August and, hopefully, maintaining and enhancing it in the months and years still to come.