With the struggling economy, we are all worried about our cash flow, scrimping where we can, and trying to make a few extra dollars where we can. That's why I decided to monetize my website and blogs. You can read about the journey of this at my Here 2 Help Services blog...
Monetizing your site is actually quite easy. You just need to have the right starting points. I give you a review of the three top companies I use to monetize my website, Adbrite, Bidvertiser, and Share A Sale which is an excellent start! Taking on too many companies all at once just makes it more complicated. You can read the review in full here.
The most important thing to remember when placing ads on your site, is the set up. Think out how you want to organize and track what people are reading on your site or blog. You can do this by describing the zone (or ad), with the size of ad banner and page name. Then when you look at your reports, you will see how many times the ad was viewed. This is how many times people visited your site.
No matter how much you earn, it will still be more than you started with. Who knows, maybe you will earn only enough to cover the cost of your website. But at least that is an expense you won't need to worry about.
If you have any questions, feel free to post them here and I will help the best I can. Good luck! And I hope this helped.