cmccauley1,
A most basic hand wrap reel and an arrow will cost around 20 bucks.
I highly recommendbuying a spare arrow. Good arrows with points cost about 10-15 dollars each.
A more expensive set up would be a retriever bowfishing reel made just for bowfishing. They're about 60 dollars but they last many, many years and they're much faster than a hand wrap reel.
Many here also use a spincast reel with special heavy line.
Crabbing, surf casting, deep sea fishing..... I'm jealous!