We carry a lot of essentials every day that are needed: drivers license, of course a cell phone, keys to whatever we need, and there are I am sure many others essentials. Early on during this plague there was much debate about what is essential and non-essential for everyday life.
This small passages speaks volumes to a child of God about an essential for life. We need God’s word. The King James and NASB use treasure to translate the Hebrew word to store up. That gives more emphasis on what is important, what is essential. Jesus taught us to lay treasures in Heaven not here on earth. Store up, treasure, or hide no matter what the word used it is important that whatever is stored, treasured, or hidden is meant to be used, something essential. Treasure is often lost, things hidden are often forgotten, but what we store up, just like squirrels who store their food for winter it is meant to be used.
Two things then are important to me in this passage. The act of storing up. Requires work everyday to be in the word, yes memorize the word if you can, learning the principles for life from God. If something is stored we are to use it, to apply the knowledge, wisdom, and truths from scripture to live. To live in a way pleasing to God and this is most essential for peace and joy in life.