Domain Name

I bought a domain name at godaddy today. I wish to set up a blog but I don't know. I will have to ask my friend who has just set up her blog under her own domain. I am still thinking if it's wise to have my blog self hosted. I'm wondering if the monthly payment would be worth it. I'm thinking of keeping it here in Blogger. I don't have much reader yet anyway or if I do have a lot, I hope you all will speak up. I have my message box for you and you know what? I love to have lots and lots of friends. Even just online friends since I started blogging already and online world is now part of my world. Have a great day everyone!