My method is not really different than many people's methods. I learned a lot from A Modern Girl's Guide to Bible Study by Jen Hatmaker and the Know Your Bible Illustrated (Deluxe Edition) by Paul Kent (which includes "How to Study the Bible Illustrated").

Many people do all of these things, but I recently boiled it down to an acronym. Let's go to C.L.A.S.S.!

C - Consistency

To be life-effective and life-altering, you have to be consistent with Bible study. Every day, or almost every day (no one is perfect).

L - Location

Pick a place in your home that is quiet (at least when you are doing Bible study) and put all your materials within easy reach. 

A - Assets

I use different versions of the Bible (NIV, KJV, ESV, MSG) consistently, so I have those versions in hard-copy form. I also have commentaries, concordances, atlases, Bible dictionaries. Start small - with just one version of the Bible (I recommend the NIV or ESV to start). Don't go out and buy everything. If something comes up and you feel you need more, then buy it when you need it.

S - Study Time

 A sister of "consistency" is a study time. Pick a specific time and stick with it. This might be hard at first (I usually get up early - before everyone else in the house), but it will become a habit with, you guessed it, consistency.

S - Spirit, the Holy Spirit

Begin each Bible study session with a Prayer to the Holy Spirit. This is a key in your success. Don't forget this. I'll remind you.