Mnemonics is a fancy name for techniques that help you memorize things. If you use the name "Roy G. Biv" to help remember the colors of a rainbow (red, orange, yellow, green, blue, indigo, and violet), then you're employing mnemonics.
An individual memory aid is a mnemonic, while the study of using such aids is mnemonics. Both words come from the Greek root mneme, "memory." If you use mnemonics, you can come up with a system to help you remember things like passwords, lists, or people's names. Mnemonics is behind familiar sayings like "Every good boy deserves fudge," used to help music students remember the notes of the treble clef (E, G, B, F).