The month of Ramazan is month of taqwa. (2:183)
What is taqwa?
Literally, taqwa means to guard yourself, to be cautious. This is why the shield meant to protect a person from the sword is called 'wiqayah', that is, a means of security from the assault of the sword. So, taqwa literally means to guard oneself. While fasting, a person abstains from food and water. He is thus given a lesson in safeguarding. That is, he has to lead his entire life as a cautious person. I will cite a hadith which explains the meaning of taqwa. A Companion once asked another senior, scholarly Companion about taqwa. 

He explained by giving an example. He asked: "Have you ever been through a path surrounded by thorny shrubs on both sides?" Such thorny shrubs were a regular feature in the desert. 
The other Companion replied: "Yes." 
The senior Companion then asked him: "What did you do then?"
The other replied: "I rolled my clothes to myself and crossed the path with great caution."
The other Companion replied: "This is indeed taqwa." 
That is, taqwa means to traverse a path with caution. This example shows that this is how one has to lead one's entire life. In life, we have to walk with caution. Every moment, we are under the influence of our desires and temptations. Satan beautifies all such desires to us. A person is constantly under the influence of his desires and satanic beautification. 
What should a person do? He has to tread with caution. He must guard himself against desires and temptations, and save himself from satanic beautification. 
He has to lead life cautiously. This is taqwa, or caution. During fasting a person is cautious about not eating or drinking during the day. Food and water are basic necessities of life. We cannot survive without them. By abstaining from the necessities of life, a person is taught a lesson in taqwa. If a person is given this lesson by abstaining from something ordinary, it would not have a deep impact on him. 

He is given this lesson by abstaining from something very essential to his life, without which he cannot live. In this sense, Ramazan is a month of taqwa, a month of caution. 
We have to lead life with caution. There are distractions every moment. We have to save ourselves from these distractions.