In this verse, Peter reminds us that the relationship we have with God is one between a child and a father, as we have been graced with faith in Jesus Christ. A healthy amount of fear should be part of our daily lives. Rather than fearing God's wrath or eternal punishment, this is a fear that comes from the knowledge that the God of the universe watches and expects us to make choices that honor Him.
As Christians, we should strive to live a holy life without being burdened or stretched by obligations but rather motivated by a reverent fear and unquenchable awe of God - as well as a never-ending gratitude for the price that God prepared to pay for our redemption. It is imperative that we do not take lightly the price of our salvation or the incredible freedom that Christ has given us.
God has given Christians clear guidelines for living a godly life in this church era through Peter, Paul, and the other writers of the New Testament. Each of His blood-bought children is judged by Him according to their work and words, regardless of whether they are carried out in the flesh or in the spirit. For all that He has done for us during our sojourn on earth, we should conduct ourselves with reverence and gratitude.

Dear Heavenly Father, thank You for making me Your child through Christ. It is because of You that we can rejoice in these trials, knowing that You have already taken care of everything. It is a blessing to know Your Word of truth and the godly instructions it contains in how to live to Your praise and glory. Let me remain low at the Cross, broken in spirit before You in reverential fear and never-ending gratitude for the immense cost of my salvation. 
In Jesus's name I pray. Amen.