I don’t know, this is just something I threw together, I hope it helps. First as gotquestions.org so effectively points out,
“Only those with the necessary “qualifications” for studying the Word can do so with God’s blessings:
Are you saved by faith in Jesus Christ (1 Corinthians 2:14-16)?
Are you hungering for God’s Word (1 Peter 2:2)?
Are you diligently searching God’s Word (Acts 17:11)?”
- Set aside one hour a day with no distractions to study.
- Be in continual prayer in praise and desire for conviction.
- Seek the Holy Spirit’s wisdom and teaching (John 14:26)
- Have notebook, pen, and Bible (NASB, ESV, NKJV suggested).
- Go through one book of the Bible slowly studying paragraph by paragraph.
- Before starting a book of the Bible, pick up a good commentary (MacArthur, NAC, NIV Application) or your study Bible, or a good online resource (gotquestions.org biblos.com) and grasp the context of the book, specifically the author who his audience is.
1. Observation – What does the text say?
Look at one text (preferably a paragraph at a time) and observe what it says. Write out the paragraph double spaced in your notebook and observe repetition of words, contrasts, comparisons, lists, cause and effect, figures of speech, conjunction, verbs, pronouns, questions and answers, dialogue, means, purpose/result statements, general to specific and specific to general statements, conditional statements, actions/roles of God, actions/roles of people, emotional terms, and tone of the passage.
2. Interpretation – What does the text mean?
Since you have looked up the author and the audience of the book, try to understand what the Biblical author is trying to say to the intended audience (i.e. in Genesis, what is Moses trying to convey to the Israelites of that time period?). Next, understand what is different between the Biblical audience and you. Finally, try to understand what this passage is saying about God.
3. Correlation – What does the rest of the Bible say about this text?
This step is key to make sure you got the correct interpretation from the last step. If the rest of the Bible backs up your interpretation, there’s a better chance it is correct. Reference Bibles are good for this, or you can use smart phone apps like Blue Letter Bible or online resources like biblos.com.
4. Application – How can I apply this to my life?
The entire study crescendos into this step: personal application. As throughout the entire study you have been seeking the Holy Spirit, this is where you need to be sensitive in allowing Him to change your life so that you may be conformed into the image of the Son (Rom. 8:29). Take the theological principal and see if there is a new command to follow, godly example to follow (action, attitude, or perception), sin to avoid, something to be thankful to God about, promise to know, a blessing to be thankful for, or a new truth learned. Finally, continually meditate on that truth until the next time you study the Word. God is not someone you can throw in the backseat of your car or leave on your desk to pull out for an hour a day.
5. Explication – Who can I teach?
This is a step I added after seeing Platt’s Secret Church on the same topic. Under this step, after you have learned and applied the truth to your own life, you should consider who to teach. Be completely missional with everthing you learn in scriptures in fulfillment of the Great Commission. Just like application, this step isn’t only something you should write down, but also something you should act out. Matthew 28:20 is a command to teach everything Christ has commanded.
 J. Scott Duvall and J. Daniel Hays, Grasping God’s Word: a Hands-On Approach to Reading, Interpreting, and Applying the Bible, 3 ed. (Grand Rapids, MI: Zondervan, 2012), 81.