J.I. Packer suggests that we ask 6 questions of any bibilcal text. I’ve found these most helpful:
(1) What do these words actually mean?
(2) What light do other scriptures throw on this text? Where and how does it fit in to the total biblical revelation?
(3) What truths does it teach about God, and about man in relation to God?
(4) How are these truths related to the saving work of Christ, and what light does the gospel of Christ throw upon them?
(5) What experiences do these truths delineate, or explain, or seek to create or cure? For what practical purpose do they stand in Scripture?
(6) How do I apply them to myself and others in our own actual situation? To what present human condition do they speak, and what are they telling us to believe and do?
J.I.Packer, Among God’s Giants: The Puritan Vision of the Christian Life, p138.