Ice fishing involves hanging around out on the ice all day in all kinds of weather. So learn how to layer up clothing so you can stay warm and comfortable while ice fishing. This may involve buying some layers of insulating and shell clothing which are a couple sizes bigger than your usual size so you can wear them on top of a couple other layers. Warm boots are key. Because some lakes get deep and persistent slush on top of the ice, I recommend getting the most insulated pair of knee-high rubber boots you can find. For example, if you look on the Cabelas website, they sell knee high rubber boots with several different levels of insulation. My recommendation: get the warmest pair available, which has 2000 gram Thinsulate insulation in the toe area, and get them big enough so you can wear a couple layers of thick warm socks underneath them. I have a pair of those boots, and love them. Boots with leather in them will eventually leak and freeze your feet in slushy conditions.
If you go fishing with experienced ice anglers, you can use their auger, shelter, and other gear. But if you're going out by yourself, you'll need to buy some of that gear. This is a good time of year to buy ice fishing gear, as many retailers put their ice fishing gear and winter clothing on sale. On the other hand, the things you want may be sold out and out of stock.