It sounds like your blog is simply a hobby, given it has not generated enough revenue to cover a $55 yearly fee.
There is nothing wrong with this… plenty of people have hobby blogs.
What I see however, is a disconnect between what the blog is, and your focus on SEO. (Not entirely though, focusing on SEO can also be a hobby).
So I guess what I am saying is… if this is just a hobby, and not a situation where you are maintaining a revenue stream. Simply renew everything when you have the funds and pickup where you left off.
If this ever becomes a revenue stream, there are also steps/stages to that. The very first being earning just enough revenue each year to cover domain name and hosting fees.
In the end, do it for fun and enjoyment and see where it takes you. 👍