We all know that fly fishing can be quite expensive, but we are going to try to show you how to acquire beginner equipment on a limited budget.
First, fly rod, reel and line: We recommend a package setup for beginners. Redington offers a very nice combo outfit for less than $140.00: Redington Crosswater Combo Outfit The Crosswater is an easy casting, medium/fast action graphite rod, which is ideal for the beginning angler. We recommend the 4 pc. model in 5 weight model/s flexibility for the angler on the go.
Second, terminal tackle: You'll need leaders, tippet and flies to complete your outfit. We recommend RIO leaders / tippet and whatever flies your local fly shop recommends. A 3-pack of 4X 7.5 foot leaders and a spool of 5X tippet will get you off to a great start.: RIO Leaders. RIO Tippet. Expect to spend about $15 for leaders and $7 for tippet.
Flies should be purchased at a local shop near the watershed you intend to fish. Expect flies to cost ~$2.00 each. Purchase 2 or 3 of each fly recommended. You should expect to spend about $30 on flies for your first trip.
Third, waders: You'll need these for getting close to your quarry in cold water rivers and creeks. Redington also offers budget minder waders in the Crosswater offering: Redington Crosswater Waders for ~$120.00. Boots to go with your chest high waders can include another Redington product: PALIX RIVER BOOTS for ~$90.00
This will get you started for about $372.00. You could go with less expensive labels, but you'd likely be looking for upgrades rather quickly.
Other items you'll likely want can also be obtained in a combo package: Cabelas Streamside Tool Kit Net Combo for ~$35
Happy Angling!