Understand the words.
Consider the information provided in the Testament Overviews and determine what kind of writing a passage is. Then determine what the words say and what they mean.
Understand the history.
Determine, as best you can, what these words meant to the original readers: What do we know about the author and the original readers? What was happening politically, socially, culturally, and religiously when these words were written?
A good study Bible or commentary can help with these areas, but the overviews of the Old and New Testaments on this site give general understanding of the history if you lack access to a study Bible. Remember that the Old Testament does not read chronologically as a novel would, and some situations are written about in more than one OT book. You gain insight into a particular narrative by finding other passages written about that event or those people.
Understand how it fits with other Scripture.
Find other Scriptures that deal with this topic or situation. Remember that Scripture never contradicts itself. If you feel that it does, study more to interpret accurately.
Understand Israel.
Israel = God’s Special People, the Jews
They were promised a specific land (Genesis 12:1; Genesis 15:18-21).
They were promised the blessing of descendants (Genesis 12:2-3): many descendants (Genesis 15:5); and one descendant who would be a blessing to everyone by being the Savior of the world (Galatians 3:8,13-14).
They were promised special privileges (Genesis 12:3; 17:7-8).
Understand the church.
Church = God’s Plan for This Age
It was an unknown mystery until Acts 2 (Acts 2:38-41,46-47).
It is explained by the Apostle Paul as God’s plan to make the gospel and wisdom of God known to all (Eph. 3:7-10).
It is made up of all who have accepted Christ as Savior, regardless of ancestry, promised to someday meet the Lord in the air to be with him forever (1 Thessalonians 4:13-18).
Remember that Israel and the church are different entities. God’s purpose, plans, and promises for each are also different.