Memorizing Scripture is something that I've done on and off through my life, but have never buckled down and stuck with it. There was the summer two friends and I memorized through the book of Phillipians, and though I am quite rusty on it now, the book still has a familiarity that is precious. Early on in my life, my family and I memorized Psalm 91 together. Then there was the winter another two friends and I memorized Psalm 107. The last big accountability project was with two co-workers. We set the goal to memorize Psalm 119 in it's entirety during a summer. Some of us met that goal better than others. :-)
All of these times hold a special place in my heart. Not just because they were times spent with friends and family, but they were centered around the word of God. They built not only memories, but a greater foundation of Scripture in my heart.
Don't just take my word for it, though. What encouragement does Scripture give? Here's just a couple of promises associated with hiding God's word in our heart.