Throughout this verse, the Lord reminded Israel that He had chosen them out of the sea of humanity to be His chosen people. He reminded them that He had redeemed them from four hundred years of slavery under the Egyptians. It was the Lord their God who led them. Because they were His chosen people, they were not allowed to have any other gods before Him.
Similarly, Israel was saved exactly as Christians are today, by grace, through faith in God's Word. Our salvation depends on believing God's Word and trusting in His promised Messiah. Israel, however, could not be saved by keeping the Law. Through faith, they were redeemed, just as we are. Faith was the basis of their righteousness, not strict adherence to the Law. 
God wants Christians to learn from Israel's experience in this dispensation of grace. It is important that we learn what God wants to teach us and that we do not repeat Israel's mistakes. God is the one we should remember. The sacrifices He has made for us should never be forgotten. The hope that we have in Him should be shared with others as we heed His Word.

Dear Heavenly Father, You have shared truths, encouragement, and blessings in Your Word. Despite Israel's many failings, You were faithful to them. I rejoice to know You will remain faithful to all who are called by Your name during this Church age. During these difficult times, when the world seems to be spiraling out of control, I pray that You will use me to fulfill Your purposes. I will never forget that You are a faithful God. 
In Jesus's name I pray. Amen.