Peter has much to say on this topic in his very rich intro to his first letter.
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1 Peter 1:3 His divine power has granted to us all things that pertain to life and godliness, through the knowledge of him who called us to his own glory and excellence, 4 by which he has granted to us his precious and very great promises, so that through them you may become partakers of the divine nature, having escaped from the corruption that is in the world because of sinful desire. 5 For this very reason, make every effort to supplement your faith with virtue, and virtue with knowledge, 6 and knowledge with self-control, and self-control with steadfastness, and steadfastness with godliness, 7 and godliness with brotherly affection, and brotherly affection with love. 8 For if these qualities are yours and are increasing, they keep you from being ineffective or unfruitful in the knowledge of our Lord Jesus Christ. 9 For whoever lacks these qualities is so nearsighted that he is blind, having forgotten that he was cleansed from his former sins. 10 Therefore, brothers, be all the more diligent to make your calling and election sure, for if you practice these qualities you will never fall. 11 For in this way there will be richly provided for you an entrance into the eternal kingdom of our Lord and Savior Jesus Christ.
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First off, and this is a key you must remember as you are working through any doctrine, always begin with the Divine nature of God. All doctrines, from election to sanctification must be understood to be consistent with God's nature and decrees. For example, God's love must be set against the truth of God's immutability, holiness, mercy, omniscience, etc. We don't start with our experience, we begin with God's being.
Peter begins a discussion of our sanctification, our transformation and conformity to his revealed will, by making it clear that our transformation is powered by God. Knowledge of God's being is the engine that moves the creature Godward. The unsaved runs from God in fear but the child of God is enamored and runs into the arms of the Father as the Father draws him.
Peter then reminds us to take inventory of God's promises. "He will not leave us. He who began a GOOD work in us will see it through. Those whom the Father gives me I will in no ways cast out." Too many more wondrous promises to list here, but they give us the confidence to approach the Father and dare ask for grace in our walk. Knowing that in Him there is now NO condemnation and that the work of the Cross has been effectually applied Peter can say we have "escaped from the corruption that is in the world because of sinful desire.'
In light of who God is and the finished redemptive work of Christ Peter now tells us we may look to supplementing what has been done (by faith) with our own RESPONSE of pursuing virtue. The important point here, of course, is that we are RESPONDING to what has been accomplished, NOT trying to accomplish a missing work.
Peter tells us that we never arrive at perfection (completion), not in this life anyway. The great evidence of virtuous living is not a finished product but a life characterized by transformation.
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8 For if these qualities are yours and are increasing, they keep you from being ineffective or unfruitful in the knowledge of our Lord Jesus Christ.
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And finally notice that the goal here is not sinless perfection but that your knowledge of our Lord Jesus Christ is increased. This completes the cycle, and it is a cycle.
1. We dwell and abide in the knowledge of God
2. This knowledge transforms our thoughts, our minds are renewed.
3. The Spirit reveals sins that have long indwelt us.
3. Our new way of thinking results in renewed principles and convictions.
4. Our convictions, driven by the Word change our behavior - we put off the old ways, we put on the new.
5. Good fruit is produced and our godliness (God is becoming more of our emotional focus) leads us to study the Word and pray.
6. In prayer and study we dwell and abide in the knowledge of God.
We will not be rid of all of our old sinful ways after one cycle. In fact we won't be rid of them after a thousand cycles. As our knowledge of the Holy One increases, so will our knowledge and grief over sin. ("Woe is me, I am undone.") This is what characterized the Puritans. Read The Valley of Vision, you will see.
Even when we stand before God in Glory we will not own a true satisfaction with our own efforts. We will still be confessing, it was all of Christ and nothing of me, blessed be his name.