S - Scripture: the scripture I'm focusing on.
O - Observation: what things stood out to me in this verse.
A - Application: is there anything I can do to apply this to my life?
P - Prayer: pray about what you've just read.
A lot of times just using this structured method will lead to further study. I have uploaded the sheets I use in half, compact and personal sizes. If you are interested in checking them out, you can download them here.