Akismet is WordPress's most popular plugin. It really stops most spam in its tracks. If you want even more protection, you can supplement Akismet by installing Simple Trackback Validation (to thwart pesky trackback spam) and Bad Behaviour. No blog should be launched without them, because as spammers get more sophisticated, so do these tools. However tempting it may be to go for a shared plan that's under $5, you should remind yourself you get what you pay for. As your site gets popular, you may need to upgrade to a virtual private server, even a cloud server or a dedicated server. Using such add-ons can be great help for the wordpress.
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