Devotions and Bible Study are two entirely different things.  The reason that most people don't have regular devotions is because they are really attempting to squeeze a Bible study into the small amount of time you are to use for devotions.  Ideal devotions should be about 10-15 minutes.  Bible study should be about an hour to two hours.  Because of this amount of time, Bible study would probably only be done once or twice a week, depending on your personal schedule.  Bible study is for personal spiritual growth, enlightenment, and a deeper intimate relationship with God.  The more you are involved in God's word the more sensitive you are to the Holy Spirit and the more resistant you will be to sin and temptation.
Now, how do you get started in Bible study?  There are many books on the market that guide you through studies of topics and Bible books.  One set my husband and I have been working through are by Max Lucado based on his Inspirational Bible.  These books are dealing with the books of the Bible.  I enjoy them because my husband and I can interact, and we gain new insights into the passage by sharing our individual viewpoints.  These kinds of Bible studies are good, especially if you are just starting out.  In my opinion the most rewarding type of Bible study is the one you are doing on your own, "from scratch" so to speak.  I have an excellent book that gives you ideas and tips on developing your own Bible study, such as symbols to put in the margin of your Bible or notes, outlining chapters, naming books and chapters that remind you of the topics.  This book is Off the Shelf and Into Yourself by Terry Hall.  I got my copy over ten years ago.  I don't know how available it is.  You can see if your local Bible book store can order it for you, or you may try writing to Victor Books.  Terry Hall also has two Bible study books, Old Testament Express and New Testament Express which are overviews.
Ideally, for Bible study you should have a wide-margined Bible or a looseleaf Bible in a three ring binder, which is excellent for inserting pages of notebook paper for notetaking, or maps, diagrams, etc.  However, these are rather expensive.  There are several study Bibles out on the market.  Three of the more excellent ones are Max Lucado's Inspirational Study Bible, it has life lessons throughout and note pages in the back; Kay Arthur's Inductive Study Bible, it has room throughout the Bible for notes and some other aids; and the Woman's Study Bible that has lots of notations, articles about women in the Bible, charts, maps, and articles about today's topics and issues from a Biblical perspective.  I use the Women's Study Bible, and love it.  I gain lots of insights and ideas using it for my Virtuous Woman Bible Study.  Two other Bibles that would be good are a Thompson's Chain Reference Bible or a Scofield Reference Bible.  If getting a Scofield, please note that a Scofield and a New Scofield are different!  The New Scofield takes archaic words from the King James Version and replaces them with modern equivalents.  The words are marked, and the archaic word is in the margin.  The Scofield is also available in New King James.  Thompson's Chain Reference is available in many versions.
Let me take a moment to explain what the difference is between a version and a translation.  A translation is when they take the original Hebrew, Greek and Aramaic texts and translate them into modern text.  A version is when they take a translation and make a text from that.  Versions are usually written with a particular reading level in mind.  I believe the New International Version is written on a sixth grade level, like most newspapers.  There ae many, many versions out today.  You need to be careful when choosing one, because in versions there are sometimes words or ideas left out.  Some are even paraphrases.  You need to be very careful with paraphrases -- these are the Bible in another person's words, from their perspective.  Starting out you should probably stick to one that is very close to the King James.  I would recommend the New King James or the New American Standard.
Some tools for Bible study would be a good set of highlighters, (I would recommend the Sanford Accent highlighter pencils, they come in blue, pink, yellow and green) coloured pencils and/or a set of pens.  The best pens are the Pigma Micron from Sakura Color.  They are waterproof, don't fade and don't bleed through the page.  You can find a set of six different colours at JoAnn's Fabric Shop in the quilting supplies.  It is very important to have a Strong's Exhaustive Concordance.  This translates every word of the Bible from the original language and gives you the meaning.  It is invaluable for looking up the true translation to a particular word.  You should have a good Bible dictionary, such as Unger's Bible Dictionary or The Zondervan Pictorial Bible Dictionary.  Baker's Bible Atlas will be useful so you can visualize where all these events are happening.  I would also recommend the Atlas of the Bible and Christianity by Tim Dowley and Nelson's Complete Book of Bible Maps and Charts.  Both give excellent background information.  Manners and Customs of Bible Times is also very useful.  There are many significant things recorded in the Bible, but because we don't understand the customs and manners of the time they are often lost on us.
Many people would recommend a Bible commentary.  Commentaries can be helpful, but you must remember that this is the author's opinion.  Granted the opinion is gained from study, reasearch and personal conviction, but it is still an opinion.  You must be careful merely taking someone's word on what the Bible says.  The Lord holds you accountable for your beliefs and convictions, so doesn't it make sense that you come up with your own through study and the working of the Holy Spirit in your life?  There are some people out there who have true insight and are teaching the truth, but there are just as many (maybe even more) that aren't.  Everything you are taught you should verify for yourself through personal Bible study.  Test it with the Word.  It is important to think for yourself.
An important aspect to devotions and Bible study is the personal application.  Without it we simply have knowledge.  The Lord holds us accountable to take that knowledge, and apply it to our lives, then change according to what we learn from it.  The Holy Spirit is a vital aspect of this process, which means you must be in fellowship and open to His leading even if it is painful or unpleasant.  Just remember it is for our best interest.  As a parent corrects his child because he loves him and wants that child to become a better person, so is God toward us.  We must remember that He only has planned for us His best.
A book that is helpful in finding some applications from Scripture is The Student's A to Z Guide to Bible Application.  Again, you must not rely on others for all your applications or interpretations, but this gives you a start.  Below are some questions to help you find personal applications in Scripture.  You won't always find personal applications in every passage.  The Word of God is wonderful in the fact that according to the time in your life a particular passage will speak to you while earlier it may not have.
 
Finding Personal Applications:
1.  What does God want me to know in this passage; what
   truths is He teaching me?
2.  What does God want me to be or become in light of these
   truths?
3.  What does God want me to think or feel as a result of this
   passage?
4. What does God want me to do; how does He want me to act
   as a consequence of commandments in this passage?
5. What promises does God want me to claim; how does He
  want me to pray based on this passage?
 
Before you begin an Bible reading or study you should pray about your undertaking.  Open your heart and mind to God and His word.  Ask for guidance and insight.  This moment should be just between you and the Lord.
You don't have to have all the items I have recommended, and you certainly should not wait until you have these resources to begin Bible study.  You can start out with a Bible, a notebook and a pen or pencil.  You should start out with prayer and the Holy Spirit.  Is there a familiar Bible story you would like to look at more deeply?  Maybe you would like to look into what the pastor preached on last Sunday.  Start with a short passage, and then start thinking and asking yourself questions.  Use the application questions covered earlier, or the questions covered in Personal Devotions.  Start out setting aside time once a week, and keep to it.  Put it in your schedule and guard this time.  Once you get into it, you will begin to find that once a week isn't enough.  You will soon be looking forward to these times as you glean new truths and apply them to your life.
Here is a guide to get you started:
1.  Preparing for God's Word
a.  Pray for God's direction as you study His word
b.  Read the passage from several different translations
c.  Outline the entire passage
d.  Describe the original audience
e.  In two or three sentences, summarize what the author
             was trying to say to the original readers
f.  State the major theme of the passage in one sentence
2.  Seeking the Word from God
a.  What doctrines are taught in this passage?
b.  What does the passage say about God?  Jesus?  the
            Holy Spirit?
c.  What commands are given that apply to all of God's
            people?
d.  What promises are given that apply to all of God's
            people?
e.  What conditions must God's people meet to receive
            these promises?
f.  What does the passage say that God's people should
            be?
g.  What does the passage say that God's people should
            do?
h.  What are the results if God's people disobey?
i.  What other Bible passages balance or complement the
            teachings in this passage?
3.  Seeking God's Word for Me
a.  In what way am I like the original audience?
b.  What does this passage imply that I should believe?
c.  What does the passage say about God (Jesus, Holy
            Spirit) and the way He relates to me?
d.  Which command in the passage seems directed most
            to me?
e.  Which promis seems directed most to me?
f.   What must I do to claim that promise?
g.  What changes do I need to make?  What sins do I
            need to confess?  What areas of  my life do I need to
           trust more fully to God?
h.  In what ways does this passage affirm God's love for
            me and His acceptance of my discipleship?
4.  Keeping God's Word
a.  Identify one verse that best states the message
b.  Memorize that verse
c.  What one thing can I do this week to live out better
            the message this passage has for me?
d.  State the key verse in your own words, reflecting the
            message of the passage for you
e.  Write a prayer based on the passage.  Include in the
            prayer your commitments to live by the truth of the
            passage
 
Parable Questions
1.  What is the name of the person(s) Jesus was primarily
    addressing?
2.  What was the person's major problem?
3.  How can this parable be outlined?
4.  What spiritual truth was Jesus trying to communicate?
5.  What does this parable say about God's plan of salvation?
6.  What would be a modern-day version of this parable?
7.  Write the name of one non-Christian who would benefit
   from hearing this parable.
 
Prayer Questions
1.  Who was praying?  When?  Where?
2.  Why was he praying?
3.  How can this prayer be outlined?
4.  Is this a prayer I need to be praying?
5.  How did God answer this prayer?
6.  Whom do i know who needs this prayer?  How can I share
   the prayer with that person?
 
Here are some suggested passages to get you started:
 
Genesis 1-4
Genesis 6-9
Matthew 1:16-4
Matthew 5-7
1 Corinthians 12-13
Galatians 6
Ephesians 4-6
Psalm 51
Psalm 139
Psalm 127
 
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