1. Ask God to speak to you through the Bible
We cannot study the Bible effectively on our own power. We can spend hours and hours memorizing and meditating on the Scripture, but if we do not have the Holy Spirit revealing us what the Scripture means, then we will get very little out of the Bible study.
Therefore, before studying the Bible we should always ask God to speak to us through His Word.
And I am not just referring to the Bible speaking to all Christians the same thing. The Bible does speak in generally to believers and talks about some general things that apply to all of us. But with the help of the Holy Spirit God can speak to us through the Bible personally.
God can take a general statement from the Bible and apply it to a particular circumstance in our life.
2. Read the Bible slowly
Read the Bible slowly paying attention to each verse you read and seeing if God might want to point you to some specific passage of scripture.
After some time of reading the Holy Spirit would usually point me to a verse. It could be something that seems interesting to me or something that intrigues me.
I take a pencil and highlight that verse according to my color code. I then write the first thought that comes to my mind about that verse on the side. You can read more on color coding and annotating the Bible in this article: How to Enjoy Reading the Bible
3. Record what the Holy Spirit reveals to you
After the Holy Spirit has directed me to a specific verse, I stop my reading and think about that one verse. I then take out my notepad and record my initial ideas about the verse. As I am writing those ideas down, the Holy Spirit would fuel my mind with even more ideas to which I would not be able to come have I not written those initial ideas down.
I sometimes end up writing the entire page being inspired by just one verse. So writing what the Holy Spirit reveals to you is important if you want to hear what else He has to say to you through that verse.
4. Apply that revelation to your own life
After having written everything I was inspired to write, I start to write almost the same thing in the first person.
So even through the verse might have been very general, the Holy Spirit helps me to apply it to my personal life. In this way God can communicate to me personally.
How are you studying the Bible? Do you have any tips that could help others to study the Word of God?