If you have never heard of it there is something called inductive bible study. This is the best method I always suggest when someone asks me how to study the Bible. The best free Bible study tools you have are questions. That is what inductive bible study is. You ask questions.
What kind of questions?
As you study the Bible you need to do some deep observation. Simply reading through it is like skimming the water. You want to get into the deep end and swim though.
First ask yourself the question "Who is this scripture talking to?" then ask the other questions as well. This will give you a deeper understanding.
It has been said that inductive bible study starts with observation (asking questions) and then moves to interpretation, and finally application. For instance:
34And said, Where have ye laid him? They said unto him, Lord, come and see. 35Jesus wept. 36Then said the Jews, Behold how he loved him!
Observation: Why did Jesus cry? Interpretation: Jesus was moved with love for His friends. Application: So what does that mean to me? Jesus cares about my pain, I should care about others pain.
If we did not start with the question why did Jesus cry we may very well have assumed Jesus just went around crying all the time for no reason. We would not connect it to His feelings for us. We then would not be comforted in knowing Christ cares for us so deeply.
So the question how to study the Bible is answered with inductive bible study. We should ask questions and find out how it applies to our lives.