9:7a Each one should give what he has decided in his heart to give,

Each person should decide for himself how much to give, and then give that amount.
-or-
Each of you must make up your own mind about how much to give. (Contemporary English Version)

9:7b not out of regret or compulsion.

He should not give regretting it or because someone forced him to give,
-or-
When you give, you should not feel sorry/sad that you have to give, and you should not give because someone is pushing you to give.

9:7c For God loves a cheerful giver.

because it is the cheerful giver whom/that God loves.
-or-
For God loves the person who gives gladly/with-joy.

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