The cost of ice fishing can vary extensively depending on whether an angler prefers a minimalist approach or a fully outfitted setup. A basic entry-level setup—consisting of a hand auger, a simple ice rod and reel, basic tackle, and warm winter clothing—can cost around $100 to $200. However, outfitting oneself with advanced gear such as a motorized gas or lithium-battery auger, digital sonar or flashers, an insulated pop-up shelter or flip-over shanty, portable propane heaters, and specialized sleds can easily push total investments into thousands of dollars.