I'm planning on buying a rod and reel combo for use with drop shot technique and was wondering what combos are out there that won't break the bank.

A ML Fenwick rod of your choice and a Pflueger reel of your choice, depending on your budget. 

 

You can go with the Eagle rod with a President reel ($120 total), to an HMG rod with a President XT reel ($180 total), to an Elite Tech rod with a Supreme reel ($250 total). Or mix and match. Whatever you want. Fenwicks and Pfluegers are really good rods and reels for the money. 

I will second the above recommendation.

 

I have a 6'9" ml-f Fenwick hmg paired with a pflueger president XT 30 and it is my drop shot / Ned rig combo. 

 

I also use a St Croix 6'8" m-xf when I am around more cover or laydowns. 

I have been using a Shimano Symetre 2500FJ and a Fenwick Elite Tech 7'2'' ML Extra Fast with 6lb Trilene XL FC.  It has worked great so far.

I use a spinning rig for my drop-shotting. Pflueger Trion 30 loaded with 8# FC on a 6' M/F Ugly Stick.