Salt Water Edit
Consider the Shimano Sedona 2500 or 4000, with either the 7' Steve Starling Squidgy Spin, or a Berkley 2-4kg Dropshot.
This combination should set you back around the $150 mark.
User:Billybob, mentioned in a recent post that a good combination of rod & reel for offshore yak fishing is as follows:
Shimano 4500 Baitrunner with a Shimano Taipan Snapper rod (6kg-10kg). The Taipan is 7ft, and has a solid glass tip. It will cast a 15gm or 20gm slug a mile and will handle a 15kg-20kg tuna or mackerel.