“Memorizing scripture is something the Lord placed on my heart to start doing the moment I became a Christian. To begin with it was very difficult and I could hardly memorize one verse of scripture because I had a lazy mind. But I made my mind work. I would speak to my mind and say, "mind you will think!"  After a few years I was able to lie down on my bed and go through the whole of the New Testament in my mind. Through the memorization of Scripture I learned to meditate, you can't meditate if you don't first memorize. Through these two disciplines I was able to replace my own worldly thoughts with God’s thoughts thereby receiving the mind of Christ for my life and ministry. Through ongoing memorization and meditation of God's Word, my mind is constantly being strengthened , renewed  and  enlightened; and  my life has been  wonderfully transformed.”
Dr. George S. Hill,
President & Founder of Victory Churches International

"I know of no other single practice in the Christian life more rewarding, practically speaking, than memorizing Scripture...No other single exercise pays greater spiritual dividends! Your prayer life will be strengthened. Your witnessing will be sharper and much more effective. Your attitudes and outlook will begin to change. Your mind will become alert and observant. Your confidence and assurance will be enhanced. Your faith will be solidified."
Chuck Swindoll, Author, Bible Teacher
Quoted from Growing Strong in the Seasons of Life, page 53

What the Word of God says about the Benefits of Memorizing the Word

1) Key to Prosperity and Success 
Joshua 1:8 – “This Book of the Law shall not depart from your mouth, but you shall meditate in it day and night, that you may observe to do according to all that is written in it. For then you will make your way prosperous, and then you will have good success.”

Psalm 1:2-3- “But his delight is in the law of the LORD, And in His law he meditates day and night. He shall be like a tree Planted by the rivers of water, That brings forth its fruit in its season, Whose leaf also shall not wither; And whatever he does shall prosper.”

Psalm 37:31 – “The law of his God is in his heart; None of his steps shall slide.”

2) Keeps Us From Sin
Psalm 119:11 – “Your word I have hidden in my heart, That I might not sin against You.”

3) Divine Wisdom and Understanding
Psalm 119:97-99 - “Oh, how I love Your law! It is my meditation all the day. You, through Your commandments, make me wiser than my enemies; For they are ever with me. I have more understanding than all my teachers, For Your testimonies are my meditation.”

4) Key to Answered Prayer
John 15:7  If you abide in Me, and My words abide in you, you will ask what you desire, and it shall be done for you.

5) Key to Having Joy
Jer 15:16  Your words were found, and I ate them, And Your word was to me the joy and rejoicing of my heart; For I am called by Your name, O LORD God of hosts.

Psa 119:103  How sweet are Your words to my taste, Sweeter than honey to my mouth!

6) Key to Having Peace
Psa 119:165  Great peace have those who love Your law, And nothing causes them to stumble

7) Overcoming Temptations
Luk 4:3-13 -  And the devil said to Him, "If You are the Son of God, command this stone to become bread."
But Jesus answered him, saying, "It is written, 'MAN SHALL NOT LIVE BY BREAD ALONE, BUT BY EVERY WORD OF GOD.' "
Then the devil, taking Him up on a high mountain, showed Him all the kingdoms of the world in a moment of time. And the devil said to Him, "All this authority I will give You, and their glory; for this has been delivered to me, and I give it to whomever I wish.
Therefore, if You will worship before me, all will be Yours."
And Jesus answered and said to him, "Get behind Me, Satan! For it is written, 'YOU SHALL WORSHIP THE LORD YOUR GOD, AND HIM ONLY YOU SHALL SERVE.' "
Then he brought Him to Jerusalem, set Him on the pinnacle of the temple, and said to Him, "If You are the Son of God, throw Yourself down from here.
For it is written: 'HE SHALL GIVE HIS ANGELS CHARGE OVER YOU, TO KEEP YOU,'
and, 'IN THEIR HANDS THEY SHALL BEAR YOU UP, LEST YOU DASH YOUR FOOT AGAINST A STONE.' "
And Jesus answered and said to him, "It has been said, 'YOU SHALL NOT TEMPT THE LORD YOUR GOD.' "
Now when the devil had ended every temptation, he departed from Him until an opportune time.

8) Equips Us To Share The Gospel With Others
1Pe 3:15  But sanctify the Lord God in your hearts, and always be ready to give a defense to everyone who asks you a reason for the hope that is in you, with meekness and fear;

9) Enables Us To Teach And Encourage Others
Col 3:16  Let the word of Christ dwell in you richly in all wisdom, teaching and admonishing one another in psalms and hymns and spiritual songs, singing with grace in your hearts to the Lord.

10) We Are Commanded To Hide God’s Word In Our Hearts
Jos 1:7-8 - Only be strong and very courageous, that you may observe to do according to all the law which Moses My servant commanded you; do not turn from it to the right hand or to the left, that you may prosper wherever you go.
This Book of the Law shall not depart from your mouth, but you shall meditate in it day and night, that you may observe to do according to all that is written in it. For then you will make your way prosperous, and then you will have good success.

Deu 6:6-7  - And these words which I command you today shall be in your heart.You shall teach them diligently to your children, and shall talk of them when you sit in your house, when you walk by the way, when you lie down, and when you rise up.

Deu 11:18-19 - Therefore you shall lay up these words of mine in your heart and in your soul, and bind them as a sign on your hand, and they shall be as frontlets between your eyes.You shall teach them to your children, speaking of them when you sit in your house, when you walk by the way, when you lie down, and when you rise up.