Having a tough month? How to prioritize your bills when you can't pay them all

If you've ever faced a situation where you realize you won't have enough money to pay all your monthly bills in full and on time, you know what a stressful experience it can be.

A job loss, health crisis or even an unavoidable emergency expense can quickly throw you off course financially if you've been living paycheck to paycheck.

The last thing you need is to have what is most essential to you taken away or to ruin your credit.

But there are ways to triage the situation so as to minimize the negative fallout.

The most important thing you should do is let your creditors know you're in a jam.

"Communicate with everyone you owe and let them know what has happened in terms of your financial setback and how long you think it will impact your budget," said Bruce McClary, a spokesperson for the National Foundation for Credit Counseling and a former certified credit counselor.

The reason, he said: "If you're honest about it and willing to have a conversation, that can lead to solutions you otherwise would not have known about."