The Question of Monetizing

I'm sure many of you fellow bloggers take advantage of the opportunity to monetize your blogs by allowing ads to be displayed on your accounts. My question is, would this be a worthwhile thing for me to set up in order to bring in some extra money? I mean is it really worth giving up space for the ads and would you recommend this to other bloggers? Money has been tight since they changed the hours at my husband's work and so its required some major budget changes and often its been living barely from paycheck to paycheck. Anything I can do, and can do from home to help is a very good thing. What do you all suggest?