I do buy yearbooks and school pictures. I have all my yearbooks and enjoy looking back and remembering my school friends and seeing what they wrote. I have TONS of pictures of my kids -- some professional, more that I took myself -- and I love them all. I was going through them last weekend, and they made me remember SO MANY things that I otherwise would've forgotten -- camping trips and hikes, class parties, toys the kids used to love. I'm working on scanning and organizing them all so I can have a good "back up".
Field trips -- we went through a spurt in middle school where they were just too numerous. They also weren't particularly educational (lazer tag at the mall for everyone who made honor roll -- really?). Though I could easily have afforded all the trips, I know that quite a few other students could not, so I wrote a letter to the school saying that ... and then I let my kids pick half the trips. On the "missed trip" days, I let them stay home.
Both of my kids did want school rings. They got them as their Christmas present when they were juniors in high school. The Jostens "basic ring" is just under $100 for a girls' ring; guys might be more -- that's what we bought. I personally never cared about a college ring, and my college girl has never mentioned one -- if she wanted it, I would get it for her for graduation.
When they were in elementary school, the every-other-month book fairs got to be too expensive. $$$$ for paperback books. At first I let them choose ONE book each time, but then I started a new deal: I'd give them each X amount and let them choose -- buy what you can at the book fair OR I'll take you to the used book store and you can have 10Xs the number of books.
We never did the fundraisers, but -- because it is right to help your children's schools -- I did make a generous donation to their specific classroom. We did save "box tops" and sent them to school. When the kids who took part in the fundraisers were allowed to go to a special play time (or similar), I personally made an appointment with the principal and made my displeasure known -- and then I'd take my kids to something better after school that day. Those things seemed to disappear after only about two years, so I think I wasn't alone.
I have a high school senior this year, and that comes with many purchasing opportunities. She has to buy the cap and gown, of course, but that's only $9.99 -- not exactly budget-shattering. I did the same thing I did with her sister: I gave her $50 and told her that was for ALL her "senior items". She had to buy the cap and gown, but she could use the rest for whatever she wanted: senior sweatshirt, senior mug, extra tassel, whatever. She did the same thing her sister did: She bought the cap and gown and an extra tassel, and she kept the rest. Oh, and we made our own homemade graduation announcements -- not because they are expensive, but because the school's announcements are butt-ugly and don't even include the student's name.