Worship: Our minds matter in worship, because worship is honoring God for who He is, and in order to do that we must understand something about His wonderful attributes…Without a mental understanding of God’s attributes worship becomes only an emotional binge in which we indulge our feelings.
Faith: Our minds matter for faith, because faith is believing and acting on the promises of God, and in order to believe God’s promises we must understand what they are. Apart from a right use of the mind, faith becomes only a feeling or, worse yet, wishful thinking.
Sanctification: Our minds matter for growth in holiness, which is what we are chiefly concerned about in this psalm, because growth is holiness (sanctification) is not a matter of emotions or simply following a formula for living-the two most popular approaches to sanctification today-but rather knowing what God has done in us when He joined us to Christ, and then acting on it because there really is no other way for us to act.
Guidance: Our minds matter in seeking personal guidance as to how we should live and what decisions we should make, because the principles by which we must be guided are in the Bible….To be guided by God we need to study to understand God’s Word and then apply it’s principles. That cannot be done without thinking.
Evangelism: Our minds matter in evangelism, because if a person must have faith to be saved and if faith is responding to the Word of God and acting on it, then we must present the teaching of the Bible and the claims of Jesus Christ so others can understand them. They must know what they are believing.
Ministry: Finally, our minds matter in ministry, first, in seeking out a sphere of service (What am I good at? Where do my spiritual gifts lie? What is God leading me to do for Him?) and second, to serve in that sphere well (How should I go about the work I have been given?).
-James Montgomery Boice, An Expositional Commentary on Psalms Vol 3 (pp. 991-992)