David Koch has revealed his tips for protecting finances and even saving money during the coronavirus crisis. 

The Sunrise host and finance guru said there were a number of steps Australians

David Koch has revealed his tips for protecting finances and even saving money during the coronavirus crisis. 

The Sunrise host and finance guru said there were a number of steps Australians could take to prevent economic ruin, starting with taking a realistic approach to money.

He said to avoid a 'personal financial crisis' during the pandemic, Australians should understand the big picture and write out an accurate representation of their budget, income and expenses.

The veteran financial journalist also shared four key tips for Australians who were looking to immediately save some money. 

Sunrise host David Koch (pictured) shared his best financial advice to help Australians protect their money amid the coronavirus crisis and potential economic recession 

'The Coronavirus Health Crisis is also rapidly morphing into a Personal Financial Crisis for many people. It is seriously scary out there,' Koch wrote for FlyingSolo.  

Koch said those with an unaffordable credit card debt should transfer the amount to a zero per cent interest credit card. 

He noted it was a short term solution though as the low interest rate offer would only last for a fixed period. 

Koch also advised Australians should scrutinise their loans and insurances. 

He said: 'Compare your loans and insurances with others in the market. If you find a better deal ask your provider to match it or take your business elsewhere.'

Koch noted a household budget was crucial - suggesting listing expenses and categorising them into essential and non-essential.

Koch's final tip was trying anything from having a garage sale, to picking up a casual job or teaching a musical instrument to earn some extra cash. 

In terms of general spending, the veteran financial journalist noted Australians should asses their purchases in terms of 'wants' and 'needs' to eliminate splashing out on anything frivolous. 

He said once your financial situation was clear, it would then be possible to set obtainable and realistic goals. 

The COVID-19 pandemic has devastated the economy and forced thousands of Australian businesses to close (pictured in Sydney on Wednesday) while increasing the unemployment rate to 5.2 per cent

 

'A good financial goal has a definite deadline and can be broken down into smaller, more manageable steps,' he said.  

Examples of such goals included eliminating credit card debt by setting aside a manageable amount each week.    

Koch explained Australians should prioritise repaying debts but noted it was crucial to minimise the amount of interest wherever possible. 

He suggested taking time to research the best deals and not being afraid to negotiate a better interest rate on ongoing loans.      

His advice came as Australia continues to struggle with the financial burden of the coronavirus crisis. 

Thousands of business and workers are suffering amid the mass closures of everything from shops to borders. 

The crisis has so far seen the Reserve Bank cut official interest rates, the Federal Government unveil two major economic stimulus packages and Australia's unemployment rate increase to 5.2 per cent.