ill treasure what exactly?????

sooooo, this is my first blog...first post. no need to explain what ill be blogging about because thats in my about me...so lets just jump into one of my many thoughts of the day.
do you ever just mediate on the lyrics of the song you're singing? or that your church is singing during worship? i do. i wanna make sure im not just singing something because everyone else is, or doing the 'proper' thing to do during a church worship time. i want to actually know the meaning of what im sing because according to Proverbs 18:21, "the tongue has the power of life and death" and i wanna make sure whatever im saying (or singning) is definitely not bringing death. so how can you know the true meaning unless you do some mediation and research??? soooo, yeah, thats exactly what i did....
during chapel worship today, the lyrics "ill treasure Your grace as You died for me" really stuck out to me. how do you treasure grace? what exactly is grace? and how can i treasure the grace of Christ in my own life?
Reading all the many definitions of grace on dictionary.com, majority of definitions (whether you use it as a noun or verb) mean to have favor (favor comes out of good will) Also, the influence or spirit of God operating in humans to regenerate or strengthen them. 
the definition of treasure is anything or person greatly valued or highly prized,

to retain carefully or keep in store, as in the mind. to regard or treat as precious; cherish, put away for security or future use. So the first part of the line is saying, "ill value, cherish, and find security in the favor that Christ has for me."

"as You died for me".....hmmmm, John 3:16 right? well, yes, of couse thats it. "For God so loved the world, that He gave His only Son," (out of His goodwill and favor) "that whoever believes in Him should not perish but have eternal life." so because God loved (and still loves) us, He sent His Son to die a criminal's death out of His own goodwill and kindness. 

so, when singing this line, im telling God, "ill highly value and cherish Your favor that You have given me, and ill find my security in the goodwill of Your heart, because out of the kindness of Your heart, You died for me."

pretty awesome to really think about. i want that to be the thing i do everyday, to highly value and cherish the favor that God has shown me, the favor that has made me clean of all impurities, that has washed me white as snow, and has given me the security to know that i can walk with God truly believing that He is my strength and that God has regenerated me into a new nature so i dont continually live in a hibitual lifestyle of sin.

ahhhh, very grateful to know that i have the favor of God!!