For a word problem I...
1.) Read, and reread the problem carefully to make sure I understand what it is asking and what it is giving.
2.) Jot down what I think may be useful or relevant formulas. (Actually I generally know what formulas exist relating various quantities and only jot them down when I think I'll be using them.)
3.) I look at the given and asked for quantities and see if I can picture a chain of relations getting from the given set to the needed set. While doing this I try to visualize the physical process involved...
For example, if I'm given initial conditions for a projectile and am asked how high will it go, I think about a thrown object and picture it going higher, higher, higher, then lower, lower, lower... and so I identify the highest point with the point in time when it stops moving upward, translate that to d/dt height = 0. I can then if I have the general equations of motion solve for that time, then plug the time into get position and so on.
4.) I start working out possibly helpful quantities from the known formulas using the known quantities, viewing this as increasing my pool of knowns. I keep this up, paying attention to what I need to know until I have solved for it.
Variations occur when I identify that I am solving a specific type of problem... e.g. I will be solving a system of linear equations so I try to set things up in vector/matrix format.
In another example, I will be solving a system of non-linear equations, I write them down and use the simplest to back substitute an eliminate a variable.
In another example, I identify the problem as an optimization issue and try to express the quantity to be optimized as a function of free variables.
Sometimes when the "givens" are actual variable names (initial height of a) I will pick trivial values and work through to see the structure of how quantities relate. Do this a couple of times and then work it out with the abstract value.
Most of all, the more problems you work the more experience you get and the easier they become.