Aye definitely too generic a qestion. Both have advantages and disadvantages.
Also keep in mind that you WILL
need more than $8
You will also need to get someone to host your site after you have a domain name. Which will cost aroooound $5 and up a month depending on the company and features.
This board has pretty much everything/everyone you need
CavemanJoe has a neat and cheap hosting service, which I will be using myself in the future. (I need to pm you CJ! Sorry it's late) or as he pointed out I can host, design and build one, and also train you how to use it for free up front, but with a profit split down the track. (needs to be a workable idea though)
I have a couple of links on my site that will be useful for you regardless of your intentions. A basic Wordpress overview. A basic Joomla overview. 3 examples each of Joomla and Wordpress sites.
Click the big image at the top and you will see them all live in a smaller window and you can just click next to see the next one.
I actually prefer Joomla to Wordpress these days, even for a simple blog. You can get some nice blog software for Joomla that makes it look like a wordpress blog, but it is just so much easier to manage anything complicated. I can set up a Joomla site these days in about the same amount of time it takes most people to install wordpress.
If you are making a business out of your blog, I reccomend Joomla. You wont ever
have to switch if your site becomes more powerful or complicated.