Whenever there was a test in school where I had to remember a list of words, it would take me a long time to memorize them all correctly. But then I learnt a mnemonic that would help me achieve high scores on pop quizzes and exams in high school. This method is called the Pegword Method.
To make this mnemonic work, you first have to associate each number in a list with a word that rhymes with each number, such as "One is Bun," and "Two is Shoe." Once you have associated words with all the numbers you need, you can start to apply this rhyming system to the list of words you need to memorize through imagery. Let's say you need to memorize the first ten presidents of the United States. The technique you would use would go something like this: (1) George Washington is eating a bun; (2) John Adams is tripping on his shoe, etc. You would find that remembering these names are much easier through this method.
In my opinion, this mnemonic is the most effective because it actually contains more than one type of mnemonic device. The Pegword Method utilizes both the rhyming of words and imagery to help create increase recalling ability. If you repeat the list of words out loud while using the Pegword Method, a third tool of memorization comes into play, which is elaborate rehearsal. That would further strengthen the duration of memory you have of those words. The key foundation of this mnemonic is simply knowing the rhyming system by heart, so that you can apply it to any list of words you come across efficiently.
Here is more information on the Pegword Method along with the rhyming list from 1-10: http://www.vcld.org/pages/newsletters/00_01_fall/mnemonic4.htm