“You know that you were redeemed from the vain manner of life handed down from your fathers, not with perishable things as silver or gold but with the Precious Blood of Christ as the Lamb without blemish and without spot.” - 1 Peter
July 1 is the feast day of the most Precious Blood of Jesus, while the entire month of July is dedicated to the Precious Blood. I can tell you from experience that devotion to the Precious Blood is especially efficacious for obtaining the grace of contrition after falling into sin. Likewise it is a powerful remedy against sins of the flesh. I highly recommend recitation of the Litany of the Precious Blood, especially if you feel bound by a particular sin.
Devotion to the Precious Blood is not a spiritual option, it is a spiritual obligation, and that not only for priests, but for every follower of Christ. I really believe, and I hesitate even saying this, but I really believe that one of the symptoms of modern society (and I would even include, sadly, modern Catholic society) one of the symptoms of a growing, gnawing secularism is the lessening and the weakening of devotion to the Precious Blood.
Devotion, as we know, is a composite of three elements: It is first- veneration, it is secondly- invocation, and it is thirdly- imitation. In other words, devotion to the Precious Blood of Christ, the Lamb of God who was slain, is first of all to be veneration on our part, which is a composite of knowledge, love and adoration. We are to study to come to a deeper understanding of what those two - I am afraid for many people - casual words, Precious Blood, really mean.
To understand the meaning of the Precious Blood we must (otherwise the mystery will be lost on us), we must get some comprehension of the gravity of sin, of the awfulness of offending God, because it required the Blood of the Son of God to forgive that sin. We are living in an age in which to sin has become fashionable. But we believe that we are here for only a very short time. We further believe that Christ when He told us the way that leads to damnation is broad and many there are who walk that way, that the way that leads to eternal life is narrow and there are few who walk that way. - Fr. Hardon