1 Peter 2:5 (KJV) Ye also, as lively stones, are built up a spiritual house, an holy priesthood, to offer up spiritual sacrifices, acceptable to God by Jesus Christ.
Peter tells us that we, the corporate church and individuals, are designed for the purpose of offering up acceptable sacrifices to God. The animal sacrifices of the Old Testament had certain criteria that they had to meet in order to be acceptable to God. But, the sacrifices that Peter is talking about are not animal but spiritual sacrifices made acceptable to God by Jesus Christ. Only as we remain in Christ are we acceptable to God and only those sacrifices made as part of our life in Him is acceptable.
Prayer -- Our prayers are precious to Him (Rev. 8:4; 5:8). Prayer is not only a privilege to us who were once outside the family of God and actually enemies of God, but it is also a command. We are privileged to present our petitions to God as a son/daughter and have confidence He hears us. The righteous should not fear to call upon God – “The righteous cry, and the LORD heareth, and delivereth them out of all their troubles.” “The LORD is far from the wicked: but he heareth the prayer of the righteous.”
We should always ask according to God’s revealed will – “And this is the confidence that we have in him, that, if we ask any thing according to his will, he heareth us: And if we know that he hear us, whatsoever we ask, we know that we have the petitions that we desired of him.”
We are told to not grow weary in prayer (Lu 18:1), pray without ceasing (1 Thes 5:17); take prayer in spiritual warfare (Eph 6:18). We are told to pray for leaders (1 Tim 2:1, 2) and for each other (James 5:16).
Giving -- The use of our finances is an odor of sweet smell to God (Phil 4:18). God through His prophet scolded the people for robbing Him of tithes and offerings (Mal 3:8, 9). Jesus said that we should give as we have been given (Matt 10:8) and to give in faith (Lu 6:38).
Praise -- We often fall short of giving God praise that is due to Him and sometimes because it is not always easy (Heb 13:15). We will praise Him when He does something good and exciting and even miraculous, but fail to be praising Him in the normal and everyday situations of life. (1 Chr 16:4)
Good works -- We are saved by grace not works but we have been saved to be doers of good works (Eph 2:8-10). Good works can be as simple as giving a glass of water in the name of Jesus to helping someone in great need. Jesus judged the goats for not doing good works (Matt 25:41-43).
Our natural life and body -- We have the great privilege to present our human bodies as living sacrifices to God. He wants us to be alive for Him – dead to the world, but alive unto Him (Ro 6:6; Phil 3:8, 9; Col 3:1-3; Gal 6:14)