Assuming you're getting a fly rod for backpacking, I would highly recommend a 4-piece St. Croix, probably run you $130 tops. Get a 6 or 7 weight.
Get a cheap reel, you really only need it to store line. So a Pfleuger Medalist is just fine, goes about $25 at Cabela's. If you get a #1494 for a 6-wt rod, you won't need backing.
Get a spare spool with it, $13.
I use Cortland lines for freshwater. One weight-forward floater and one sinking-tip, sink speed medium. Their 333 series work very well, $30 each.
Leaders- I tie my own, but when I buy them, I prefer Climax. Get a couple at $4 ea. I like to have some tippet material on hand, also about $4. As you change flies, you lose the fine end of the leader a few inches at a time. Learn the proper knot for adding tippet. If you're diligent, you can fish the same leader all season, but mark my words: if you don't have a spare you'll regret it!
So, let's see, Taylor's recommendations: $130 rod, $25 reel, $13 extra spool, $60 in lines, $12 in leaders and tippet:
$240 ready-to-fish, just add flies.
Then, when you have about $300 or more, you can pick up a sweet 2-pc, and use the same reel and lines.
Hope this helps!
-T