Reconciliation is the Sacrament by which we are reconciled to God and his Church by the forgiveness of our Sin. Reconciliation:
"Those who approach the sacrament of Penance obtain pardon from God's mercy for the offenses commited against him, and are, at the same time, reconciled, with the Church which they have wounded by their sins and which by charity, by example, and by prayer labors for their conversion."
-Catechism of the Catholic Church (CCC) 1422
All Catholics are encouraged to go to confession frequently. Many spiritual directors recommend every other week for most people, or even weekly for those who struggle with serious sin. Children first go to Reconciliation prior to receiving first communion in second grade. 
 Learn about Elementary School Religious Education
An Act of Contrition is a prayer that helps show our desire for forgiveness and our intent to go an sin no more, while also helping us build up the right desire. In both of our confessionals there are copies of Acts of Contrition available, so do not worry if you do not have one memorized.
My God, I am sorry for my sins with all my heart. In choosing to do wrong and in failing to do good, I have sinned against you, whom I love above all things. I firmly intend, with your help, to do penance, to sin no more, and to avoid whatever leads me to sin.
 Our Savior Jesus Christ suffered and died for us. In his name, my God, have mercy. Amen.
or:
O my God, I am heartily sorry for having offended Thee, and I detest all my sins because of Thy just punishments, but most of all because they offend Thee, my God, who art all good and deserving of all my love. I firmly resolve with the help of Thy grace to sin no more and to avoid the near occasion of sin. Amen.
or:
O my God, I am heartily sorry for having offended you, and I detest all my sins because I dread the loss of heaven and the pains of hell, but most of all because they offend you, my God, who are all-good and deserving of all my love. I firmly resolve with the help of your grace to confess my sins, to do penance, and to amend my life. Amen.
or:
Lord Jesus, Son of God, have mercy on me, a sinner.