Hermeneutics and the Bible
The first approach to understanding the Bible hermeneutically (i.e. interpretatively) is to take what the Word says literally first. Then upon further examination of the context and in light of other Scriptures on the same subject one can judge whether to maintain a literal understanding or adjust to a figurative/symbolic interpretation. Some thing are allegorical but they still reveal and convey spiritual truth which can impact our world physically. But most of what the Bible reveals should be understood literally. Jesus Christ literally died for the sins of the world, was buried, and rose from the dead on the third day. Jesus Christ is literally going to return to this earth (soon) to catch away (i.e. rapture) His church before the events mentioned in Revelation start to unfold. On the other hand, when Jesus said,
Matthew 18:8
“If your hand or foot causes you to sin, cut it off and cast it from you. It is better for you to enter into life [i.e. eternal life in Heaven] lame or maimed, rather than having two hands or two feet, to be cast into the everlasting fire.
The Lord Jesus does not want us to literally injure or harm ourselves or maim any part of our body. Jesus just wants us to know how terrible Hell truly is, so bad that if anything is instrumental in causing us to sin that we should take extreme (if necessary) steps and measures to nip that thing (whatever it is that is causing us to sin) in the bud. Jesus wants us to deal with the things that trip us up in terms of sin. If it is porn, alcohol, sex outside of marriage, adultery, theft, lying--whatever that vice or sin is, address it in as radical or extreme a manner as is necessary to eliminate it from your life.
So, there are times when the Bible should be taken literally and other times when it should not. But you need to be born again to know when those instances are that the Bible should be taken literally and when it should be understand allegorically and nothing more. The Holy Spirit is the Teacher and He enables us to understand the Bible. The more we submit to the Holy Spirit, obey God in little things as well as major things, pray to the Father God, and study the Bible, the better our spiritual acumen will become. But as I aforementioned, just because something should be understood metaphorically that does not negate the fact that the import, gist, and significance is merely an allegory and nothing more. There are many things that Jesus spoke in parabolically (i.e. in parables) that have applicative implications as far as our lives are concerned.