Website - is Tumblr enough?

Having made a Tumblr page for my personal website, where I upload both finished works and working in progress, I was debating whether or not having my own domain would be more efficient, but I wasn't sure what the cost was and how I would achieve this.

My uncle, who has built his own websites for himself and other companies, told me that the domain name that I wanted would cost roughly £6 pound a year and hosting would be about £3 a month. I thought these prices were amazingly cheap and it is definitely something that I will start to build up during the preparation of the end of year show. My uncle said that a site called squarespace, even though it would be more expensive, have professional templates made for portfolios and gallery esk webpages. This would help me to build up a professional layout but at the same time I worry about the expense, realistically I don't know if I could afford it each month.

Alternatively I could create a wordpress page, they range from free to cheap hosting from 99p, which could be a good site to research more into, however I am more inclined to stay with my Tumblr site for now. I know the site, its easy to use and I can make it look professional. There is also the social side to Tumblr, it is easier to share art with international audiences. k