Recent state-of-the-art semi-supervised Video Object Segmentation (VOS) methods have shown significant improvements in target object segmentation accuracy when information from preceding frames is used in undertaking segmentation on the current frame. In particular, such memory-based approaches can help a model to more effectively handle appearance changes (representation drift) or occlusions. Ideally, for maximum performance, online VOS methods would need all or most of the preceding frames (or their extracted information) to be stored in memory and be used for online learning in consecutive frames. Such a solution is not feasible for long videos, as the required memory size would grow without bound. On the other hand, these methods can fail when memory is limited and a target object experiences repeated representation drifts throughout a video. We propose two novel techniques to reduce the memory requirement of online VOS methods while improving modeling accuracy and generalization on long videos. Motivated by the success of continual learning techniques in preserving previously-learned knowledge, here we propose Gated-Regularizer Continual Learning (GRCL), which improves the performance of any online VOS subject to limited memory, and a Reconstruction-based Memory Selection Continual Learning (RMSCL) which empowers online VOS methods to efficiently benefit from stored information in memory. Experimental results show that the proposed methods improve the performance of online VOS models up to 10 %, and boosts their robustness on long-video datasets while maintaining comparable performance on short-video datasets DAVIS16 and DAVIS17.