There many ways to monetize your blogs, it applies on your free blog such as this blog or your self hosting blog, eventhough blog services (specially the free one) has different policies on the money making stuff but it seems the free blog services are the first delicate way to start online earning, specially for the low budget blogger.
The first thing to remember is, that there's no such proven way to make you rich in one night, you set something online and you take some sleep, and wake up as a rich man! No .. in fact you're losing a night and get poorer, because instead of sleep you can do something better!
Every online earner (e.g people who gets money online) is a working hard person, no one stall in their laziness. Everything is a result of their efforts, a hard and smart efforts. So work, analize and be patient!
I have tried everything Listed below, some works some does not, but different blogs, layouts, niches are having different monetization ways. Works for me does not mean it will work for you and vice versa.
Pay Per Click, you get money when visitor clicks ads served on your page(s):
- Google AdSense
Google AdSense was my first ever online dollar's source, I've been joined as a publisher since almost 3 years ago. It was doing fine, until lately the eCPM dropped a half less than normally I received 6 months ago. But overall it's the most powerful way to get your first online dollar.
Tips: be good with AdSense, never try to cheat them, believe me they have the best resource and script there and they'll catch you sooner or later if you cheat them. - Bidvertiser
Bidvertiser pays worse than Google AdSense, it is not a contextual advertising. So it displays anything but your blog theme :), you write automotive theme, you can have some bathroom ideas in your advertisement.
It does not work for me, but you can give them a shot here. - Chitika
Chitika can be set as a contextual advertising or a non-contextual advertising. I never tried the contextual one, hence I don't have something to say. But the non-contextual was okay, cost per click is less than AdSense, but I have to say I had received worse. The problem is, their links contains images .. hence visitor will likely know that what lies in front of them is not a part of the content.
I removed the ads sometimes ago, because it was not look good in my blog.:) - AdBrite
AdBrite offers publisher two ways to monetize their blog, a pay per click scheme and a cost per mile impression scheme.
Judge yourself, I've been with it for almost a years and have made as high as $12. - Widgetbucks
Some friends say that widgetbucks have a high rate per click, but not for me, I receive a third of their cost per click. It is a newly launched service, I haven't had enough experience to write it here.