It is a really good idea to monetize your blog after setting it up. There is no harm in generating some extra income for yourself right. It is much easier to monetize your blog if you are using your own template and your blog is hosted by your hosting company (which is the more difficult way for setting up a blog!) rather than being hosted by the blog own server.

You can do this by making changes to your blog body and sidebar using any HTML editor. There are a couple of ways to monetize a blog:-

1- Google Adsense:- These are ads relevant to the page topics and when people click on it, you get paid!. Once again, it is very easy to do it if you have your own template and you used the second method to set up your blog.

a. Open up an Adsense Google account by signing up as publisher. Very straight forward; user name, password and other info and you are done.

b. Inside your Google Adsense account, there are set up tools to help you set up your Adsense units. Use it to set up the units to the dimensions and the colors you need.

c. After setting up the dimensions and colors of the Adsense units, you will be provided with a script. Copy it and paste it to a notepad file for later use.

d. Using an HTML editor, copy the script and paste it in the location you want the Google Adsense ad to appear in the blog. Make sure you use the right dimensions of Adsense units to match the space you want to insert it in.

2- Kontera text adlinks:- These are adlinks that highlight some keywords in your text and place links on these keywords to actual products and service. If someone clicks on a link and buys that products or service, you get a commission! The good news is, these can be utilized even if you don't set up the blog using method 2 above. Here is how to do it:-

a. Go to Kontera's website and sign up.

b. They will provide you with a script with a distinctive ID in it pointing to your account.

c. Open your blog text editor and write a topic as you usually do.

d. After you are done, switch to the HTML view.

e. Copy the whole Kontera script and paste it at the very end in the HTML code view of your blog editor.

f. That's it! The links will start to appear automatically after that when you or anyone views the blog.

g. Repeat the last 4 steps with every blog entry you write.

3- Your affiliate links:- This is by far could be the most profitable if you know how to utilize it correctly. Basically, everybody is willing to pay you if direct a customer to them and a sale took place. Big names like Amazon, e-bay, target, Wal Mart just to name a few. You can either put a text link in your blog or a graphic link like banners. Hyperlink it with your affiliate link and that's it. Here is how to do it:-

a. Go to the merchant you are interested to be an affiliate. For example go to Amazon.com and look for an “affiliates” or “associates” link.

b. Sign up and choose a password and user name.

c. Each merchant will have an arsenal of graphics and banners for you to use and place in your website or blog scripted and ready with your affiliate ID.

d. If they don't, don't worry. They will at least give you a unique link that you can connect to any graphics you can make yourself.

e. Use the tools there to make custom graphics with custom dimensions and looks.

f. After you are done customizing, copy the script and paste it in the desired place in your blog.

Next, you need to get some traffic (visitors) to your blog, which can be really challenging and will be the topic of another Article!