I second (or is it fourth...) the lanyard method for outdoor/on-the-trail work. It has saved my light meter numerous times. I use an old Zone VI viewing filter lanyard, but a shoelace, etc. would work just as well. The meter lives in a vest pocket when not in use, the lanyard is hooked to a d-ring high on the vest so I can take the whole thing off as a unit when finished shooting. The higher tether keeps the meter from hitting the ground even if I'm bending over.
For city work, however, the meter lives without lanyard in my backpack, and gets taken out only when needed for metering; I have to be more careful, but I've not yet figured out a way to keep the meter in the backpack, keep a lanyard around my neck, bike around the city and take the pack on and off...