There are many different ways to study a passage of Scripture, none being more “correct” than another. However, I recommend the Summary, Meaning, Application method. My mother taught me this model many years ago. I am sure she got it from one of her many Bible Study groups she participated in and led over the years. It is pretty simple to understand, but lengthy to explain in written form. Check out this podcast (starting at 2:30 mark) where I explain it for our high school