Psalm 51 begins with David's plea to God for mercy. In his prayer, he asks God to blot out his sins, to wash away his iniquities, and to cleanse him from all sin. As indicated in this verse, David could have offered God a thousand sacrifices. However, he was aware that God was looking for a broken spirit and a broken and contrite heart as sacrifices. When David prayed for forgiveness, he offered God a broken spirit and a broken and contrite heart. 
In contrast to David, Church-age believers need not worry about losing the Holy Spirit as He took up permanent residence in our hearts from the moment they accepted Christ as Savior, and He will never abandon us or forsake us, regardless of our sins. When we do not look to Jesus and walk in humility of spirit and dependence on our Father in heaven, we can grieve the Spirit of God and quench the work He desires to accomplish in our lives.
We know that God will not scorn a sacrifice of a broken spirit and a contrite heart that is acceptable to Him, as David did when he recognized his own lustful sin. As David did, we must approach the throne of grace with brokenness of heart and contrition of spirit, for such a sacrifice is pleasing and acceptable to God.

Dear Heavenly Father, it has been a blessing to have Your Holy Spirit with me. I am becoming increasingly aware of the importance of humility, a contrite heart, and being broken in front of You. My character is formed and developed in this state by the beautiful character of the Lord Jesus. I desire to live a holy and acceptable life as a living sacrifice to You. Please show me the areas where I have not yet submitted to Your leading and guidance. 
In Jesus's name I pray. Amen.