It is important to be accurate. Just memorizing the 'gist' of the verse may be OK, but small errors can lead to misinterpretation of the meaning. If you are not careful, ideas can be lost or added to the passage you are trying to become familiar with. 2 Decide what you want to do with the scripture reference. The scripture reference is not inspired and you do not have to memorize it if you do not want to.
Some people can memorize the text, but get discouraged by the references.
I think, however, it is important to know where in the Bible the passage is, so memorize at least the book and chapter along with the verse. 3 Be careful about memorizing while in the car. Keep your hands on the wheel, eyes on the road, brain connecting it all together. Never get into the habit of 'just glancing at' a piece of paper to read a verse. The 'just glancing at' part can be longer and more frequently than you think.