The living God, is a giving a God. One who bestows kindness on whom he will, and distributes mercy on whom he will. He is gracious in that he bestows these blessings on men and women who are simply sinful and disobedient by nature, totally undeserving of any favor. His offer of forgiveness and salvation are gifts....from a loving Heavenly Father.
Sola Gratia: the belief that the salvation originates in God's Grace Alone. This means that no man has ever or will ever merit salvation, he receives only as a un-deserved gift from God.
Why was this important?
The law of God was never meant to bring salvation. Its intent has been to show God's people their need for Him. When we seek to fulfill the law it in our own power we enslave ourselves to is full and complete adherence.
When the grace of God reigns in the life of believers it offers freedom. A freedom that is unconditional, total and free. Because God chose to display the riches of His kindness by offering grace to His people, we are free to follow His ways out of love and not under compulsion.
How does it affect us now?
The grace of God, by definition is unmerited. We do not need to earn this free give of God. We must trust the grace of God and rely on His promises.