“Be diligent to present yourself approved to God, a worker who doesn’t need to be ashamed, correctly teaching the word of truth.” (2 Timothy 2:15, HCSB)
I have found seven principles of biblical interpretation to be very useful as I grapple with the Word of God. These are from Kay Arthur's book, "How To Study Your Bible: The Lasting Rewards of the Inductive Model." You will keep yourself out of a lot of theological error if you remember these rules.
Principle one: Remember that context rules. (CONTEXT IS KING) This principle states that the context of a verse or passage must always be considered for correct interpretation. The student of Scripture must consider the surrounding verses and chapters of the text, the book in which the text is found, and finally, the entire Word of God. The interpretation of a text must be consistent with the theme, purpose, and structure of the book in which it is found. The interpretation must be consistent with other Scriptures about the same subject in the Bible. And the historical and grammatical context of a text must be weighed foe correct interpretation. Just because two writers use the same word, for example, does not mean the two verses are related or have the same meaning.
Principle two: Always seek the full counsel of God's Word. The Bible student must avoid building his interpretation on a few isolated proof verses. He must consider the larger teaching of God’s Word by saturating himself in a comprehensive study of the Bible. He must ensure that he has not overlooked other important Scriptures related to his text.
Principle three: Remember that Scripture will never contradict Scripture. Kay writes, “The best interpreter of Scripture is Scripture.” This statement is true because God is the author of the Word of God and He never contradicts Himself.
Principle four instructs the interpreter to not base a doctrine "on an obscure passage of Scripture." Kay Arthur defines an obscure passage of Scripture as one in which the clear meaning is not easily understood. Doctrine should be founded upon the clear, consistent, and repeated teachings of God’s Word.
Principle five: Interpret Scripture literally. This means that the Bible student should take the Word of God at face value instead of looking for hidden meanings. The interpreter should look for the clear meaning of a passage by considering its literary style, historical context, and grammatical construction. "Consider what is being said in the light of its literary style. For example, you will find more similes, and metaphors in poetical and prophetic literature than in historical or biographical books" (p. 63).
Principle six: Look for the author’s intended meaning of the passage. To interpret a passage one must seek the original meaning of the author. Every Bible author wrote with a specific purpose in mind, to a specific audience, in a specific time and place. The Bible interpreter cannot twist the Scripture into a meaning the author did not intend.
Principle seven: Check your conclusions by using reliable commentaries. This practice will be a further check of correct interpretation. Commentaries should be used to examine the text and to compare the interpreter’s conclusions with noted Bible scholars. It is vital, however, that the commentaries used for this purpose comes from a person who holds to the inerrancy of Scripture. Some people object to this principle saying that they only need to rely on the Holy Spirit for guidance. While it is true that the Holy Spirit is our teacher, it is also true that God has gifted the church with "pastors and teachers" to equip the saints of God for the work of God and for spiritual maturity (Ephesians 4:11-16). The reason some people are "tossed to and fro and carried about by every wind of doctrine" as Paul puts it, is because they will not study the Scriptures accurately and they will not learn from gifted teachers God has placed in the church.