We are using this Meditation Method from Bible.org to memorize Scripture.
First Reading: Enter
As you read this passage of scripture for the first time you are simply "entering in" or familiarizing yourself with what God is saying here. Notice the circumstances, people, places, etc.
Second Reading: Impress
As you read the same passage of scripture for the second time, notice what word, phrase, sentence or verse makes an "impression" upon you.
Third Reading: Pray
As you read this passage of scripture for the third time through, begin by spending a few moments in prayer thanking and praising God for His Holy Word. As you read, be prayerfully interacting with God about the text.
Fourth Reading: Live
In this final reading of the passage ask God to show you how He wants you to live based on this scripture. Is there something He would have you start doing, stop doing or continue doing?