$39.95/month is definetly excessive.
I recommend using Blogger for free. You can register your own domain name... Visit members.plusblogger.com and go to useful extras. Click on the GoDaddy link to register your domain name.
While you are there see the free support we offer our members (membership is free). Click home to learn more about us and go to our portfolio to see what is possible with blogger templates.
Hope this helps,