If you are impatient about the item progress, you can use the KBscanner to see where to buy/find/win new items
http://forum.1cpublishing.eu/showthread.php?t=11780
And you can see what the items does here:
http://www.aurelain.ro/HeroScreen/
This way you can see what items you should save for.
Some lvl 1-3 items are amazing. Either by themselves (Twinkling boots) or because they can be upgraded by right clicking and choosing "upgrade". Note that you'll engage a fight so save first.
As a mage you should search for +intellect items. The poor Snake Ring can be upgraded to a very powerful Mage artefact, going from 1 intel to 5 intel and +3 dmg to snakes, just from being upgraded.
Novice's dress with +1 intellect can be upgraded to a + 800leadership and +4 intellect dress.
Pain Skull is THE best artefact once upgraded, and this will upgrade just by being used for a while.
You'll likely loose these upgrade fights at you're level but I'm just mentioning them so that you can re-check stores for items. Also on Debir you'll likely find lvl 4-5 items in both the Castle and the University. And even more lvl 4-5 items will spawn once you get some more Main Quest stones. Re-check everything or use the KBscanner
For 50.000 gold you can get most useful items, but its really helpful to have lots of cash in this game in case you'll stumble across some good items or a Dwelling selling Red Dragons.