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All Scipture is God-breathed and is useful for teaching, rebuking, correcting and training in righteousness, so that the man of God may be thoroughly equipped for every good work.
  —2 Tim. 3:16-17

Watch your life and doctrine closely. Persevere in them, because if you do, you will save both yourself and your hearers.
  —1 Tim. 4:16

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In agreement with the Cambridge declaration


Why theology matters

Theology is the study of God. Thus, since God is important, theology is important.

But isn't theology too profound and disconnected from the real world? The answer is no. Theology is oftentimes quite hard, and having its own jargon. However, this is also the case with any other subject and not all theology is that hard. Also, since theology is about God, and is supposed to help you know God and His world more, God will help you to understand His truth when you ask of Him. (A note here: Since theology is helping us to know God and/or His creation more, anything that does not do so is useless and not worth learning).

The final reason why theology is so important is that one's theology influences one's view of God and of His creation, including Man, which may have consequences on one's salvation, growth or ministry. For example, if you do not believe that you have believe in the Lord Jesus Christ to be saved, then most probably you will not do so. Likewise, if you believe in what is known as liberterian free will, which basically means that the will is free to choose Christ or not autonomously and God cannot save unless the person allows Him to, then you will tend to spend more time trying to convince the person to accept Christ rather than pray to God for his/her salvation.

In conclusion the three reasons why theology matters is that (1) God matters, (2) Theology helps us understand God and His creation better, & (3) our theological system will influence our views with potentially huge consequences, either positively or negatively. Therefore, it is of utmost importance to get your theology right, and to allow our correct theology to influence our actions accordingly.