Well, once again we have a question like how far is up. How much is it to spend on rings? How much is too much to spend on mounts? How much is too much to spend on optics?
There are a lot of people who can make recommendations based upon their experience on the boards. In the absence of a budget, why not consider buying the cheapest mount, rings, and scope? I don't mean it sarcasticly. Do it cheap. Learn through hard experience that cheap is cheap.
If someone says do a forward scope scope with the Ultimak mount, Smith rings and Leupold or Burris scout scope and you blanch at spending $800, you come up with something cheaper.
If someone says do a rear mounted scope with Ron Smith's mount, rings and discuss the scope with him and you don't want to spend $1000, you come up with an alternative.
Most people here go cheap, learn from their experience and move on. You can always resell your Wally World scope. The cheap scope mount will probably break anyhow (yeah, I had one break) and the cheap rings are cheap enough.
Sometimes I deal with a guy who has a markup that reflects that he is trying to make a living and provide service. Ron Smith is one of those guys (although he has had pithy words for me when I broke a set of his rings). It is cheaper in the long run to bite the bullet and pay for the quality.
Response to the interjection of "iron sights". Some people wear glasses. Some understand that with low power optics, you have light gathering capability at 2 am and can shoot accurately a few hundred yards. Been there and done that with only star light. The same applies to seeing into shadows during the day time. To the original poster, sticking with iron sights is an option until you really do research into what you want or need. Personally, I used Premier Reticle of Richmond Virginia to do furbishing of optics for M1As. However, if you don't have the money and you want a scope, go cheap and learn first. There is no shame in doing so.