Upland, not sure your age but if you have “shot” arms, hands or “shoulders”(like me), definitely invest in some kind of powered auger.(If you have any issues mentioned, I guarantee drilling holes “manually“ will be a major effort! Be sure you are “physically able“ to ice fish overall, it can be very exerting)! I have a ‘Clam plate‘ kit I use for panfishing with a 6” auger and quality drill attached(use, or get, the best drill you can afford! and at least two batteries). There are pre-assembled, brand name, units available, self contained units(battery powered) available that can drill any sized hole, ready to drill out of the box. For larger fish, I have a gasoline powered 8” auger I’ve used on Erie to drill thru up to 2 ft. of ice(and landed some big walleye). Not previously mentioned(for help landing bigger fish!) is a ‘cheap’ requirement is a good ice “gaff”. You could easily make one out of a salt-water sized treble hook screwed to a piece of broom handle. I made one out of a piece of stainless welding rod sharpened on the end, bent into a U shape and epoxied into a hole drilled in the end of the broomstick!
Additionally, you mentioned possibly waiting til next year, don’t wait! The ice is forming now and this(should be) a great ice year! Next year(and subsequent years), there may not be fishable ice-and noone is getting any younger! And by the way, Mark’s B&T near Streetsboro has “everything” you could possibly need. Good, helpful guy too. OR, check OGF & FB Marketplaces, Craigslist, etc. Guys are always upgrading, moving South!, or simply getting out of ice fishing. You could conceivably get a “package deal” of most, or all the required equipment you’ll need!