IN THE BELOVED

To the praise of the glory of His grace, wherein he hath made us accepted in the beloved.
Ephesian 1:6

Who benefit from such times of praise and thanksgiving, and how?
First, praise pleases God, God loves it when we take the time to see His wonder and bless His name. Even certain offerings in the Old Testament were designated as praise offerings, reminding the Israelites to make room for gratitude in their lives (Lev.19.23-25). The Psalm are packed with ways to extol God from our hearts for His character and works. And salvation itself inspires a new language of thankfulness and awe in those who receive God's unsearchable grace. Read Ephesian 1:6 again.
Second, praise blesses us. Here's where we find help for broken  dreams. Glorifying God takes our eyes off ourselves and brings Him into clear focus. It replaces anxiety with awe, worry with worship, our inability with His ability ( Ps. 8).
Third, praise affect those around us. As Solomon watched his father David in praise and intercessory prayer, he learned something of God's greatness. Paul and Silas, after being beaten and thrown in prison, sang hymns, and the inmates heard of a hope that had long eludes  them ( Acts 16:25 ). As peoples see us  adoring our heavenly Father, they learn  something about His strength, His sufficiency, and His goodness.
  We may not get to live out all our dreams. But we can be sure we fit into God's  great plan somehow. After all, He  saved us. He gave us gifts to use for His glory. And He promised never to leave us. What can we do then, except to praise Him!
When life is at its lowest, praise gives us a higher perspectives . it reminds us God is still sovereign, that He still loves us, that He never failed us and that history is proceeding according to His plan. David could hand over to Solomon his dream of building the temple because he had God's vantage point.