Dispensationalism is a fine way to teach the Bible

Sounds very interesting to me, definitely something I would like to spend some time studying out. But before I get started let me throw this in.

Dictionary Definition of ‘Dispensation’
The word dispensation is defined in the Merriam-Webster’s Collegiate Dictionary as:
1 a: a general state or ordering of things; specifically: a system of revealed commands and promises regulating human affairs
b: a particular arrangement or provision especially of providence or nature
2 a: an exemption from a law or from an impediment, vow, or oath
b: a formal authorization
3 a: the act of dispensing
b: something dispensed or distributed

Biblical Definition of ‘Dispensation’
The student must also examine how the term dispensation is used in Scripture. Charles Ryrie writes as follows:
At least three dispensations (as commonly understood in dispensational teaching) are mentioned by Paul. In Ephesians 1:10 he writes of “an administration [dispensation, KJV] suitable to the fullness of the times,” which is a future period. In Ephesians 3:2 he designates the “stewardship [dispensation, KJV] of God’s grace,” which was the emphasis of the content of his preaching at that time. In Colossians 1:25–26 it is implied that another dispensation preceded the present one, in which the mystery of Christ in the believer is revealed.

Roy Aldrich presents the Biblical definition of the word as follows:
The word dispensation is a Scriptural term. It occurs in 1 Corinthians 9:17, Ephesians 1:10, Ephesians 3:2, and Colossians 1:25. The Greek word is oikonomia. It is a compound word derived from the words oikos (house) and nomos (law). The literal meaning is house rule and the general meaning is stewardship, economy, or government. Dispensational truth simply means that God has dealt with the human race or the Jews under different economies or responsibilities.

Robert Lightner writes:
In scriptural usage the Greek word οἰκονομέω (“dispensation”) refers to an administration or stewardship (Luke 16:2–4; 1 Cor. 9:17; Eph. 1:10; 3:2, 9; Col. 1:25; 1 Tim. 1:4). (Cf. the related word οἰκονόμος in Luke 12:42; 16:1, 3, 8; Rom. 16:23; 1 Cor. 4:1–2; Gal. 4:2; Titus 1:7; 1 Pet. 4:10; and the verb οἰκονομέω in Luke 16:2.) Every stewardship, economy, or administration obviously involves and includes time, though that is not necessarily the most important feature of it. 

Theological Usages of the Term
A theological definition of the term dispensation must also be sought. As suggested above by Lightner, it will be helpful for the reader to understand that generally the emphasis is intended to fall upon the responsibility that God gives rather than the time period.

Lightner derives the following theological usage of the term:
Building on the above definition of a dispensation, dispensationalism may be defined as that system of theology which interprets the Bible literally—according to normal usage—and places primary emphasis on the major biblical covenants—Abrahamic, Palestinian, Davidic, New—and sees the Bible as the unfolding of distinguishable economies in the outworking of God’s major purpose to bring glory to Himself.

The Oxford English Dictionary defines dispensation in the following manner:
A religious order or system, conceived as divinely instituted, or as a stage in a progressive revelation expressly adapted to the needs of a particular nation or period of time, as the patriarchal, Mosaic (or Jewish) dispensation, the Christian dispensation; also the age or period during which such system has prevailed.
According to Aldrich, “It is probable that this definition [listed immediately above] would be generally approved by both modern dispensationalists and nondispensationalists.”

The Funk and Wagnalls New Standard Dictionary defines dispensation as follows:
The period during which a particular revelation of God’s mind and will has been operative on mankind; as during the Christian dispensation; during the patriarchal dispensation.
Listed below are a number of other theologians, authors, etc.… who have also submitted theological definitions of the term dispensation:

F. L. Chapell:
A method of working, an economy or plan … in which God acts according to a certain method.

Merrill Unger:
Dispensation (Gr. oikonomia, management of a household, hence English economy). A dispensation is an era of time during which man is tested in respect to obedience to some definite revelation of God’s will …

C. I. Scofield:
A dispensation is a period of time during which man is tested in respect of obedience to some specific revelation of the will of God.

These periods are marked off in Scripture by some change in God’s method of dealing with mankind, or a portion of mankind, in respect of the two questions of sin and of man’s responsibility. Each of the dispensations may be regarded as a new test of the natural man, and each ends in judgment—marking his utter failure.

C. McKay Smock:
A dispensation is a certain period during which God tests man’s obedience to a definite, but partial revelation of His will.

H. A. Ironside:
A dispensation is a stewardship committed to men during a certain age.
A dispensation then is a period of time in which God is dealing with men in some way in which He was not dealing with them before.

Alexander Souter:
Dispensation (Gr. oikonomia), household management, stewardship, hence any provision of trust or the duties of that position, provision, arrangement.
J
ohn Graber:
Dispensationalism is that system of Biblical interpretation which interprets the Bible from the viewpoint of designated periods of time during which a particular revelation of God’s will and mind is operative, and during which man is tested in relation to that particular revelation.

Michael A. Harbin:
Dispensationalism is an effort to interpret Scripture on the basis of the distinctives of God’s demands for and relationships with mankind. This pertains to man’s stewardship toward God.

W. Graham Scroggie:
The word oikonomia bears one significance, and means “an administration,” whether of a house, of property, of a state, or a nation, or as in the present study, the administration of the human race or any part of it, at any given time. Just as a parent would govern his household in different ways, according to varying necessity, yet every one for one good end, so God has at different times dealt with men in different ways, according to the necessity of the case, but throughout for one great, grand end.

Charles Ryrie:
A dispensation is a distinguishable economy in the outworking of God’s purpose.

Conclusion
Based on the information presented above, the student should be able to derive a good understanding of what is meant by the term “dispensationalism” as it is commonly used among dispensationalists and non-dispensationalists today.
Concerning this latter (theological) usage of the term, some raise the argument that dispensationalism, as dispensationalists currently employ the term, is not sufficiently based on the Scripture. Charles Ryrie answers such criticism in the following manner:

Now the dispensationalist uses the word theologically as a title for the distinctive administrations of God throughout the entire Bible. For instance, under Moses God administered the world in a distinctive way; therefore, he calls that administration (not period necessarily) the Mosaic dispensation. To say that it is not valid to use the word this way because the Bible never uses it in specific connection with certain of the dispensationalists’ dispensations is of no consequence. Do we not use the word atonement of the work of Christ on the cross even though it is never used that way in the Bible? Certainly freedom must be granted to use a term theologically which may not be used in that way Biblically as long as the theological use is not un-Biblical.

Dispensationalism Definition biblestudy.org

Whatever works for you, that's cool. Sometimes it's better not to overcomplicate things.

I believe that way too but I'm not dogmatic brother.