After the Fall of man in the Garden of Eden, God came up with an eternal redemptive plan to restore humanity. He chose Israel as His own people to be his ambassadors and win the rest of the world over to God. God gave them the law, ordinances, and statutes that would ensure that they represented the culture of the kingdom well. The compelling power of the sinful nature, however, made it impossible. Eventually, God, out of His grace, became a man to save the entire human race from the domineering power of sin. We were dead in our sins. We were unfit to behold His glory or enjoy His blessings. But God, in His magnanimous generosity, defeated sin for us by the death on the cross so that we might be saved.
We were indeed saved through our faith in Jesus but by grace. This grace cleared our records of sin. We were acquitted and discharged. Our slates had been cleansed, and we were given the chance to start life over with God. We were not only saved, but we now have the privilege of son-ship. The blood of Jesus is the price that was paid in exchange for our freedom from sin. As a result of salvation, we are now children of God, heirs of God, and joint heirs with Jesus and the rest of the believers. Our boast should be in God's work of grace since our salvation and all the benefits it brings would not have been possible without it.

Dear Heavenly Father, thank You for redeeming a sinner like me with the precious blood of Your Son Jesus. I am thankful because His death has qualified a sinner like me to enjoy the privilege of being called by the name of God. I pray that I will not take for granted the grace You have bestowed upon me. I pray for grace to honor You with all that I have and all that I am. Help me to live a life that communicates eternal gratitude for all You have done for me, and may my mouth always be filled with praise for Your grace. 
In Jesus’s name I pray. Amen.