In tough times, companies focus on the bottom line. That's the right strategy for employees, too, says Caroline Ceniza-Levine, a career coach based in Manhattan. She's not just referring to contributing to your employer's financial stability; she's talking about the importance of attending to your personal finances and strategic planning on the home front. "You should always have your ear to the ground and an updated résumé just in case," says Ceniza-Levine. Also essential: money in the bank to fund a period of unemployment.

An emergency fund should cover at least three to six months of living expenses, says Michael Capaldo, a financial services representative with Goodman Financial, New York City. "Having the fund gives you a few months to react and figure out your best move." For most of us, the most difficult part of this sort of disaster planning is figuring out day-to-day living expenses. "Most of us don't like the idea of keeping receipts or sitting down to tabulate all of them," Capaldo says. He recommends using a debit card, which will track spending and put a tally of your expenses within easy reach via your bank's Web site. "You can look and see that you spent $70 for dinner the other night," he says.

As I discovered, close examination of your spending habits can reveal uncomfortable news. For example, charges to a certain "Sbucks" show up disturbingly often on my debit account. Capaldo jumped on the example. "That double Venti latte at $5 a day, five days a week adds up to $100 a month, $1,200 a year," Capaldo says. The lattes should go in the discretionary expense category, but Capaldo says some people don't consider the fancy beverage to be discretionary. A sudden reversal at work could put matters in a new light. The $100 a month that went to lattes could have fattened an emergency fund, gone to pay down debt or been funneled into a 401(k) plan at work or a similar long-term investment.

It takes discipline to dig out of a hole and to stay out of one, Capaldo points out. "First, we have to know what we're spending. Second, we have to ask ourselves what's really necessary, what's critical and what can I forego?" Data is essential to making these decisions. Once you identify discretionary expenses and possible changes (maybe lattes every other day?) you can deploy your money more rationally. Capaldo says once you start paying down credit card balances, many companies will work with you to lower the interest rate if you call and ask. All of this will improve your position should your income suddenly drop or disappear.

Borrowing against a 401(k) savings plan is not a good idea, says Capaldo. Although the interest rates seem low, he says it's actually the most expensive borrowing you can do, worse than credit card debt. You lose the savings you've accrued and can lose the contribution. "If you're in a plan where your employer matches 3 percent or 4 percent of your contribution, that's free money. It's the most effective investment tool for the average employee."

To avoid having to borrow and to ensure you have money to pay down debt or add to your 401(k) or emergency fund, the next step after prioritizing spending is to find other ways to save. Look to your current or potential employer for policies that help. For example, some employers pay employee's commutation fees on public transportation and more of them allow some telecommuting. "If the average American drives almost 24 miles to work each way and gets about 20 mpg, that's almost $10 a day," he says. (Or two double Venti lattes.) Large employers might help coordinate carpooling for their workers.

If you find yourself looking for work, it's more important than ever to stay upbeat, even when you and the economy are down. "When upbeat, you don't contribute to existing anxiety and you're seen as the calm in the storm, the anchor in times of chaos," career coach Ceniza-Levine says. Also, remember that looking for work is a full-time job. Don't get hooked on daytime television or house cleaning. Make a job-search plan and stick with it. Once you find work and you start receiving a paycheck again, remember to replenish your emergency fund as soon as possible. It's all part of preparing in case anything happens again. "There's something to be said about not waiting for a crisis to do this," she points out