There are amazing things that happen when you understand God´s grace. Here are a few things I have noticed in my own life.
1) There is a sense of being at peace and rest.
2) You are able to accept God´s love for you, and are secure, knowing there is nothing that you can do to add or take away from the fact that He has forgiven your sins. You don´t have to prove anything.
3) You are able to live life for Him without worrying so much about pleasing others. You want to live to please Him instead.
4) You are able to enjoy fellowship with other people without seeking their approval. And as a result, you are able to be an example of God´s grace to them without expecting anything in return.
5) (a continuation of number 4.) As you understand God´s grace towards you, you are able to have that for others.