As Hornet says, it depends how much time you're looking to spend. If you're asking this question, I assume you're looking to get started and you're probably not sure how often you'll be fishing.
In this, I've seen the 8 ft pro hunter combo for $25 which is a really good deal. If you fish enough and you break it, then I suggest you consider going up to the $100 range to pick up a good reel. For the most part, cheap rods are not bad- they're generally durable and you can upgrade the reel later on. If you do end up fishing a lot, the next step would be a 9ft graphite rod, but if you're starting out, a cheapo is a good starting point.