you can actually get a pretty decent setup for that kind of money if you find the right sale. Cabelas is having a good clearance sale right now...out of the nebraska store. look for a 10 or 15 series reel with a decent ball bearing count. Most manufacturers make good stuff...even in the lower end. I recommend the Mitchell Avocet Silver series reels for a decent low priced spinning reel. the 1500UL is about $25. Expensive reels are sweet but you dont always need one. As far as rods go...many makers make decent graphite rods for cheap $. find one that feels good to you that you like the action of. don't worry about the graphite modoulus (sp?) or anything. find a nice 5-6' ultralight that you dig. again, I just got a flyer in the mail from cabelas...some of their house brand rods are pretty decent, especially for the money. put some 2,4,or 6 lb test on your rig and you're set to go.