My dear wife has also used Grace for her word of the day, and I agree whole-heartedly. It is not just word of the day, but word of the life-time.
As far as grace and parenting is concerned, I first saw this a few months ago while looking for parenting resources online. Dr Timothy Kimmel uses this as the basis of his teaching for parents, which focuses us on the understanding of what Grace is, how it has been offered to us, and then passing it along to our kids. It does not mean letting them away with everything, it means giving them love when they step outside their boundaries.
Too many times I hear, "It was good enough for me, its good enough for my kids," as an excuse for what I would label harsh treatment of their kids. It may be time to stop the cycle of harshness in your family. It can begin with you and me.
From Dr Kimmel's site:
"As we embrace the grace God offers, we begin to give it – creating a sound foundation for raising morally strong and spiritually motivated