We have died once to the penalty of sin, and so we have peace with God. (“I have been crucified with Christ…”)
We are able to die daily to the power of sin because we stand in grace. (“… it is no longer I who live, but Christ lives in me…”)
And someday when we are present with the Lord, we will be free from the presence of sin. (“…and the life which I now live in the flesh I live by faith in the Son of God Who died for me and gave Himself for me.” – Galatians 2:20)
Jesus died once for our sins, and shed His blood for us, so that we can rest completely in His finished work on the cross.
Sometimes we as Christians live as if it isn’t “finished”. We live as if our sins are not forgiven, past, present and future. And we find ourselves trying to earn God’s favor each day.
But we stand in grace, in a permanent state of forgiveness, precisely because “It is finished.”