The company I work for has had a couple of rounds of buyouts during the past two years. I’ve survived so far, but now there are rumors of layoffs and I’m starting to feel pretty insecure. I don’t want to leave my job, but I wonder what I should be doing to protect myself. Any suggestions?

Millions of Americans are in this boat. We keep expecting the economy to perk up, especially now that the war in Iraq is over, but layoffs keep coming.

Most of the steps you can take to prepare for a possible job loss are pretty obvious — build up a rainy-day fund and start looking for new work. The trick is to get started; of course, it’s easier to just hope for the best — but then be caught unprepared.

The standard advice is to have an emergency fund large enough to cover expenses for six months. You may want to make it larger, or smaller, depending on how difficult you expect a job hunt to be. Ideally, you should have enough so you can hold out for a while waiting for an opportunity that will suit you — a good job, not just a paycheck provider.

Most of us, of course, don’t really know what our expenses are over six months. So I’d start with a rigorous accounting, including incidentals such as lunches and movies in addition to the mortgage, car insurance and other big expenses.

Since you’re not unemployed now, and might not be, it’s pretty hard to take the Draconian steps such as selling big-ticket items, like the second car or your house. So I’d start small, seeing first how much money can be saved with relatively painless cost-cutting that could easily be reversed if things turn out all right.

What do you spend on meals out, snacks, movies, cable and Internet service? Can you get a cheaper deal on your local and long-distance phone service? Should you be scrubbing the car yourself instead of going to the car wash? Could you go to the library instead of the bookstore?

Most of us can save money by being more conservative with heating and cooling. If you have private trash hauling, maybe you can save a few bucks with one pickup a week instead of two.

Also look at bigger expenses, such as insurance policies and your mortgage. Perhaps you could trim your monthly mortgage payment by refinancing. That would be very hard to do after you lost your job, since you need income to qualify for a loan.

If you already have a low-rate mortgage and the home is worth more than the current balance on the loan, look into a home-equity line of credit. With these, you borrow only what you need when you need it, much as you would with a credit card.

Rates on these loans fluctuate, usually month-by-month, and right now many start out below 5 percent. Interest payments are deductible on the federal tax return. Again, you need income to qualify, so it’s best to have one of these deals in place before you lose your job.

On the job front, start by looking for ways to make your current job more secure. Could you switch to another department that’s less likely to be targeted for layoffs? Would it pay to start coming in a little earlier and staying a bit later — to look more eager? Are there any special projects you can take part in, to make yourself more valuable and visible?

Of course, this is also a good time to assess the future. Even if you survive in your current job, after a big cutback it may not be a place you want to work. It always pays to keep an eye out for better opportunities. Almost all of my job changes have arisen from serendipity. But, as the saying goes, luck favors the prepared.

So put a resume together and get in touch with friends, family and people you know in your business — with anyone who might pass on a tip about a good job.

Hopefully, you won’t be forced to find a new job, but maybe you’ll find one you want, anyway.