UO is expensive if you are starting out as a mage. My approach is to start off as a fighter/archer. You can kite mobs with your bow, finish with a sword/mace/etc, until you build up a cash flow. With fletching and lumberjacking, you can make your own bows/arrows. Once you get some gold, you can afford reagents to build your magery skill, and drop the other stuff when no longer needed.

UO isn't like WoW or other level games. You have a bunch of skills that you can mix and match as you see fit. Starting out, it is not a bad idea to work on a lot of skills to get going, and then later concentrate on what you need once you get established.