When is it permissible to say: "There is no might nor power except with Allah, the Most High, the Most Great"?

The Hawqala (Lā ḥawla wa lā quwwata illā billāh - There is no might nor power except with Allah) is among the greatest and most excellent forms of remembrance (dhikr). The Prophet, peace and blessings be upon him, commanded its frequent recitation at all times, for it is a treasure from the treasures of Paradise, as stated in the noble Hadith. Therefore, a Muslim should be diligent in reciting it at all times.