Traffic will not be easy if you are blogging in an already saturated niche. You can use paid traffic for a while to make your site popular at first. Then if the site has picked up, you can switch to free traffic and site optimization.

Get freebies and give them away on your site. Spread the word around on the web and you'll have traffic flocking in for freebies. QUestion would be where would you find freebies? There are lots of free e-books, software, etc on the net. Just look around, find stuff that the surfers you target might like and give it on your site in exchange for subscription to an email newsletter.
The blog is not up yet. I'm currently making a plan for it. I want to monetize it properly and to do this I will be organizing a set plan of creating content etc. I know about SEO and organic search results, and that they will take some time. I'm really looking for ways that will help speed up traffic. Twitter and Facebook are great, but I'm really looking at marketing tips to build all those routes up to direct more traffic. This is the area that always gives me trouble, but I don't want to do anything dodgy. Thanks for your tips.
Promote yourself on social media sites, create lots of backlinks by writing articles about your blog and submitting them to article directories. make sure you do plenty of Keyword research too, that way your blog gets seen. Also make sure you ping it daily because that also helps it be seen.
Sharing/linking content on twitter is a good way to attract followers. Twitter's built-in mechanics does a good job of spreading your name to the people most likely to have an interest in your content. Sometimes it doesn't hurt to comment on other writers' blogs of a similar subject. If given the option, you should always list your website's URL on your profile pages.
When setting up a website you need to have an accurate count of how many searches there are for related keywords each month and there are tools available for this. SEO is still as important and this should be a priority after posting some decent content. Social media is your friend and use it wisely. Things like giveaways are now a great way to obtain followers.
One thing I would say, Try and find yourself a top .com domain. Its all well and good posting good content but if your domain is too long and has an obscure suffix then you're never going to make it to the top of the search rankings.
All adverting is good advertising, or SEO in this case, so make sure to spread your link around but make it look good, not spammy. Also make sure to post quality engaging content that your users will find relevant. Keep your blog constantly updated via queue (search engines love this) and don't overdo the ads. Build profiles for your blog on social platforms (you can automate posting) and use sites like reddit or digg to submit your links in the relevant sections.
Pay attention to blog optimization, it needs to load fast and be usable on all types of platforms (especially mobile) since no user likes a slow webpage.