From Desiring God:

In the Christian life we can easily find ourselves using jargon without knowing what we’re really saying. What exactly is “grace”? Sinclair Ferguson clarifies:

It is legitimate to speak of “receiving grace,” and sometimes (although I am somewhat cautious about the possibility of misuing this langauge) we speak of the preaching of the Word, prayer, baptism, and the Lord’s Supper as “means of grace.” That is fine, so long as we remember that there isn’t a thing, a substance, or a “quasi-substance” called “grace.” All there is is the person of the Lord Jesus — “Christ clothed in the gospel,” as John Calvin loved to put it. Grace is the grace of Jesus.

If I can highlight the thought here: there is no “thing” that Jesus takes from Himself and then, as it were, hands over to me. There is only Jesus Himself. Grasping that thought can make a signficant difference to a Christian’s life. So while some poeple might think this is just splitting hairs about different ways of saying the same thing, it can make a vital difference. It is not a thing that was crucified to give us a thing called grace. It was the person of the Lord Jesus that was crucified in order that He might give Himself to us through the ministry of the Holy Spirit.

Excerpted from an interview with Sinclair Ferugson.