I got the transmutation spell earlier today and just finished the transmute, smelt, whatever it into jewerly. The price I could sell it for in town was lame (25) so I held onto the rings and threw a perk on the persuation skill, also added one for alchemy. Mainly up until this point I have been reserving them for destruction.
I think I was spending too freely, it is going to take awhile to buy to buy that first house.