Why Study the Bible?
The purpose of learning the Bible is to live by it in the love of its divine Author. Otherwise, why bother? After a while, the Bible starts to become your lens for seeing the world as it is, and for seeing yourself. The objective is to get it so thoroughly into you that you normally think in its terms. In that way, the Spirit uses it to reshape you. And as that happens, the Bible becomes Scripture for you. It becomes a relationship with the Spirit through the Bible, a part of your relationship with the God of All.
If you were asking yourself, "why should I study the Bible?" and it leads you to want to read it, but you don't know how to go about it, that's okay. If it's even a small part of what is claimed, this is no ordinary reading experience. But it needs to be started in a simple way, to get some solid ground under your feet.
Choosing A Good Bible
The first item on your list is to get yourself a good study bible. (You can't study the Bible without a Bible!) English-language translations abound, and you can get lost in an alphabet soup of initials -- NAB, KJV, NASV, TEV, CEV, JB, and so on. For most people, the best choices would be the New Revised Standard Version (NRSV) and the New International Version (NIV), because they're easily read yet not dumbed down, and both are available in many study editions. There are still some who insist on the King James Version (KJV), the official English translation from over 500 years ago. Since I often read old forms of English, as an amateur Germanic-family linguist, it's an easy and fun read for me. Yet, most of the time, I use the NRSV, because I usually read Scripture not to enjoy languages but to have my life transformed. That takes the kind of thorough understanding that comes from reading in the tongue you live in, which is not Elizabethan, Middle, or even 19th-century English. Spirithome.com uses the NIV, as kindly provided in links from the Bible Gateway.
For those who want to dig into the Bible for the first time, a good study bible is a good friend. It has maps, concordances, cross-references, word and name meanings, and basic blurbs on the cultures, religions, and powers of Biblical times. Such information helps to set the context for each era in the Testaments. You can also turn to paraphrases, which restate the writings for a (hopefully) clearer grasp of its meaning. The only one of those I can recommend is Eugene Peterson's The Message, because he's so good and so sound at it. His work will hit home to you after only a short reading, and hits home even to those who have been reading the Bible all their lives.
How To Study the Bible
The next matter at hand is how you would go about doing Bible study. I hope not like most of us studied in high school, dreaming of who you were dating Saturday night, or of future glories, or of just lazing around. Each of us needs two basic arenas for Bible study.
The first is self-study -- spending time on your own prayerfully reading the Bible. It can be done book-by-book, or by theme, or based on a daily lectionary (a formal selection of key passages, on which sermons are based). Self-study is intimate, you and the Spirit who speaks through its pages. It's said that the Bible reads you as much as you read it; you start to see yourself through divine eyes. When I studied the Bible as a young adult, I did it the same obsessive way I studied school course subjects, by totally immersing myself weekends at a time just on one subject. I would use several study bibles, books, library time, letters, phone calls, articles, praying and meditating and endlessly thinking. What I soon learned is that to really get a handle on what the Spirit is saying, I needed to be with people and get a life. It's really hard to love people from behind a wall.
That realization leads us into the second arena: Bible study with others, face to face. Most often in church, at a house, or on campus. There is nothing else like a good study and fellowship group in teaching us about how to live the faith.
When you study the Bible, start where you are, not where you're "supposed to" be. Maybe you have a lot of doubts and questions. Maybe what keeps getting at you is something from a movie or a song, or what you already know or think you know all about the stories, or a Proverb your grandmother taught you. As you get into it, you'll find that you remember more than you think, but not nearly enough. Start where you are, and journey from there one footstep at a time. You're not doing it to pass judgement on the Bible or the people in it or the people who believe what it says. Nor are you doing it to whip yourself for understanding so little of it -- join the club. You were invited into this by the Spirit of the One who made us all, so this is where you belong. There's no cause for shame, guilt, or fear, least of all in Bible study.
Hearing Other Voices
The Bible is very well suited for private study. But it is even better suited for study with others. It wasn't made to be used primarily in solitude. It is God's Word spoken to you, but it is also God's Word for all of those who believe in God. That's why it's good to bounce your thoughts off of others, and hearing what others think, taking advantage of Jesus's promise about being where two or three (or more) are gathered. Otherwise, we'd miss too much. Our blind spots, our prejudices, even our being mere limited beings can get in the way. Studying and sharing with others is a way you can discern what the Spirit is telling you, because the Spirit is telling them too, and they (or you) might be hearing the Spirit more clearly at the moment. Then, there's also the voices of thousands of years of other believers, Jewish and Christian, who have been doing what you're doing, thinking about it, and coming up with penetrating insight and moves of sheer genius. They're not stupid; God got through to many of them. When you study the Bible with feedback from other voices, you're being open to the voice of the Spirit that speaks through them. Or, you might be the Spirit's voice for those others. You may not know which. So share it! Commit to your Bible study group : "I will be there; I will ask questions; I will share what I have; I will listen." A good supplement to that is Net-based chat study groups.