OK, I admit it: Keeping both a pencil and tape measure close at hand is a problem for me. I generally have only one or the other, sometimes neither. SpeedClip, a clever $1 solution, clips onto your belt and has built-in holders for a tape measure and pencil. You provide the tape and pencil. The belt hook wraps around and grabs your belt, so there's no chance of pulling the SpeedClip off when retrieving your pencil or tape. No belt? It can also be hooked onto a pants' pocket. Any tape with a clip on it can be hung on the SpeedClip. A plastic retainer grabs and holds the pencil so it only comes out when you pull it out.
FastCap, (888) 443-3748, www.fastcap.com, SpeedClip, $1.