That is, until I saw a picture of a crocheted lip balm cozy somewhere in the Internet (probably Craftster).
I always have my key (I really only have one) with me, and with the lip balm cozy attached to the key I now always know where to find my balm. No more chapped lips!
The cozy is just a really simple crocheted tube with a button closure; you can make it to fit exactly your lip balm. I crocheted a metal hook on to the cozy so that I can easily clip it on and off the key.
Also pictured: the worlds best lip balm:)