I'm in the same boat OP but the good news is us Magi don't really need much in the way of gear. Im currently 23 and most my gear is either cloth or nothing. I don't even have a robe, lol.
Things that I would suggest you save your money for...
Spells, Focus Items and Jboots.
^those things all cost money and will increase your power much more then some low level gear. Just something to keep in mind. Maybe save up and get a Stein of Moggok since they're pretty cheap for 10 int upgrade. Maybe a cheap robe like a Flowing Black Robe for looks. Otherwise I would focus on levels and saving up for the important stuff.
Just my 2cp.
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