I am not certain where this originated. I found it in several places on the web and none of the ones I checked annotated it’s origin.
This is a procedure to follow which will facilitate meditation of a verse. The acrostic, SPACE PETS, will help you remember the steps.

Ask yourself, Do I have a:

Sin to confess? Do I need to make any restitution?
Promise to claim? Is it a universal promise? Have I met the condition(s)?
Attitude to change? Am I willing to work on a negative attitude and begin building toward a positive one?
Command to obey? Am I willing to do it no matter how I feel?
Example to follow? Is it a positive example for me to copy or a negative one to avoid?

Prayer to pray? Is there anything I need to pray back to God?
Error to avoid? Is there any problem that I should be alert to, or beware of?
Truth to believe? What new things can I learn about God the Father, Jesus Christ, the Holy Spirit, or the other biblical teachings?
Something to praise God for? Is there something here I can be thankful for?

Be sure to journal your answers.