On the last Sunday of the month, all of the kids who can say both memory verses completely get a prize out of the treasure box. We call this Memory Verse Challenge, and the kids love it! I've even had parents and volunteers tell me this is a great way for THEM to memorize Scripture.
I like to do different things to mix it up as we help kids memorize the verses. Sometimes we play games to help them learn the verses; sometimes we make up motions, and sometimes I use songs. You can get some good Scripture song resources from Group or from Seeds Family Worship, or even from just doing a youtube search with the verse reference.
The important thing we do is explain to the kids as often as possible how important it is to hide God's Word in their hearts. We help them understand the importance of keeping His word with you at all times through memorizing and meditating on Scripture. We remind kids that it's not just for them to be able to say the words, but to know them in their heart and let God change their lives through His Word. We ask kids to tell us what the verses mean in their own words, and how they apply to their lives.
We also give memory verse magnets to our preschoolers (age 3-5), and they do the same thing (theirs are the same verses, just shortened a little). Some people may think that young kids can't memorize Scripture.... but we have had some of our best memorizers in our younger classes! Over the summer, one of our preschool teachers challenged her class of 3-4 year olds to memorize the entire CHAPTER of Psalm 23, and we had quite a few little ones who did it, and got the prize of their own Bible!
We tell the kids that when they know Scripture, God can bring it to their mind when He wants them to hear it, and they can also always be ready to share God's Word with others.
It amazes and inspires me to see kids who love the Word and get excited to learn Scripture, and I love hearing stories of how God's Word impacts their lives and how they are living out the memory verses at home!
Since I've posted a little about our memory verse magnets, I always have other children's pastors ask where I get them.... I make them every month, and it is so simple; anyone can do it! I will include instructions and a free template for you to use.
I create the memory verses on an app called Rhonna Designs ($1.99 on the iPad or iPhone). Then I print them out and get them laminated and cut (I use Office Depot for this, but you could do it yourself), and put a small piece of magnet tape on the back of each one.
Here are some free resources
List of Memory Verses for Kids for a two year rotation - We do a two year cycle; at the end of one year, kids should be able to say 24 verses; at the end of two years, they should know 48 verses!
21 Ideas to Help Kids Memorize Scripture - Here is a list I've put together of 21 fun ideas for helping kids learn Scripture. We like to mix it up and help kids learn in lots of different ways!
Memory Verse Magnet Template - You can download this one and make it your own, or just use it as an idea to customize one for your church. (Tip: When you go to print them, change the settings to '6' one one page, otherwise, you'll end up with one big picture; and I adjust the space between them too, to make them easier to cut)