What are the "Five Daily Recollections" and their benefits? Question is in the title. 

What are these daily recollections and how can they be used in ones practice?
The Five Daily Recollections can be found in the "Anguttara Nikaya - V.57 - Upajjhatthana Sutta: Subjects for Contemplation".

They are in brief:


  Five Daily Recollections
  
  
  I am of the nature to grow old; I cannot avoid aging.
  I am of the nature to become ill or injured; I cannot avoid illness or injury.
  I am of the nature to die; I cannot avoid death.
  All that is mine, dear and delightful, will change and vanish.
  I am the owner of my actions; 
  I am born of my actions;
  I am related to my actions;
  I am supported by my actions; 
  Any thoughts, words or deeds I do, good or evil, those I will inherit. 
  
  
  The Buddha advised: "These are the five facts that one should reflect on often, whether one is a woman or a man, lay or ordained".


Rationale and contemplation


  "In this discourse, the Buddha explains that the rationale for contemplating (paccavekkhato) the first three facts is to weaken or overcome conceit (mada) in youth, in good health and in being alive; the fourth contemplation is to weaken or overcome lust (rāga); and, the fifth contemplation is weaken or overcome irresponsibility embodied in improper (duccarita) acts, speech and thoughts. 
  
  Thus, by contemplating these facts, the Noble Eightfold Path (anchored in right understanding, conduct and effort) is cultivated and spiritual fetters are abandoned."