I want to briefly layout 4 approaches to Bible Reading and Prayer though each approach can be discussed for several pages.
a.) Legalism. One is having daily Bible reading and prayer because "Moses" said so, and if you don't you are 'in trouble' and disappointing to God. You might as well hide like Adam in the Garden, knowing your shame and guilt for failing to meet with God.
b.) License. Since the person is confident in "grace" then the commitment to read the Bible and pray is extremely sporadic at best. Our standing with God is based upon the gift of Jesus, so we will rest in that truth, and deduce commitment to commune with God is expressed by "faith in Christ" not by "reading His word."
c.) Utilitarianism. This is like Legalism, but it is viewing Bible reading and prayer as a means to and end, and not the goal itself. 1.) If I read the Bible, then my sanctification will improve, if it is not improving, then I need to read my Bible even more. 2.) If I read the Bible, then my disciplining of other Christians will improve, if it is not improving, then I just got to become smarter through more Bible reading. 3.) If I read the Bible, then my apologetics and evangelism to the lost will improve (i.e. more results, more persons convinced of what I present); If it is not improving then I just need to be smarter and read the Bible more.
d.) Love. Yes we are commanded to seek God; Yes God uses means, and our morning devotions can be a means to an end. However, they should never be pursued "as" or "because" a means to an end; Rather, we should enjoy daily communion with God in Scripture and Prayer because a.) He first loved us, namely in Jesus Christ, and b.) we love him.
When you go to a restaurant you may talk to the waitress, the cashier, and even gab with strangers to be friendly, but 95% of the people you do not address because you are a stranger to them and they are a stranger to you; they would find it odd and even un-welcomed for you to join their table over supper. However, if you walked into a restaurant and were surprised to see your spouse, brother, son, uncle, or relative, then you would go eat with them and fellowship with them without question or without hesitation. You wouldn't do so our of "law" and you wouldn't express some "freedom" to sit elsewhere, and hopefully you wouldn't go sit with them based on ulterior selfish motives to get something out of/ from them.
You would sit with them because they love you and you love them. And aiming to be brief, though many more pages could elaborate...this should be our approach to daily time reading the Bible and praying --- to enjoy and acknowledge His love and communicate our love returned to Him; to enjoy and acknowledge the wisdom of His instruction, guidance, goodness, and precepts, and eagerly express our faith and praise to Him.