The Baywatch star and Bach divorced in 2006, and the 52-year-old had been receiving $21,000 (£14,200)-a-month in spousal support from her ex-husband.
However, David filed legal documents in April (16) to reduce this amount and the pair recently agreed to cut the payments to $10,000 (£6,800)-a-month, according to TMZ.com.
In May (16), it was reported that Hasselhoff grosses $112,000 (£75,700) a month, but spends $66,000 (£44,600). When Bach's spousal support was taken out of that, as well as having to pay taxes and other bills, Hasselhoff is said to have told the court he is able to save virtually nothing.
The legal documents detailed Hasselhoff's European tour was cut short due to poor ticket sales, and his reality show, Hoff the Record, is unlikely to be as successful as he originally hoped.
The 63-year-old recently opened up about the reports surrounding his finances, insisting he is not focusing on his monetary issues.
"It's not about how much money you have, it's how you live life," Hasselhoff told news show Entertainment Tonight. "I'm not going to change my lifestyle no matter what."
"Sometimes you're up," he continued. "Sometimes you're down. I was laughing about all these people who made money and lost it, and I was saying, 'How could that happen to them?' All of a sudden, I woke up one morning and said, 'Oh, I realise now!'"