For a bit of a different take on this:
I am starting with the assumption that a wizard/monk is not intended to be a combat powerhouse. With that in mind, I'd worry about survival first, damage-dealing second and focus more on scouting than anything else.
Always have an Expiditious Retreat ready - no one can catch you that way. Mage Armor and Shield are two other great choices.
I don't know how much money a 7th level character gets without my book handy, but a few things to consider:
+2 stat items cost 4,000 - get one for Dex and Wis, at least. Con would be nice, too. Get Dex, then Wis, then Con if you can afford it.
+2 AC bracers are also 4,000
+1 Amulet of Natural Armor, 2,000
+2 cloak of resistance, 4,000
Ring of Jumping, 2,000
Boots of Striding and Springing. 6,000 per the errata
All good choices.
Total: 30,000 (24,000 without the boots).
Your ludicrously high stats might be placed:
S: 12 (Let's face it - monks are not teh damage dealers of the party)
D:17 (Raise to 18 at 8th level) (Let's get that AC and Reflex Save up)
Co:16 (Got to have hit poitns, and a +3 to Fort Saves)
I:18 (Skill points are REALLY important)
W:18 (17 +1) (Bonus to AC and Will Saves)
Ch:14 (Might as well be the party diplomat - you should do better at that than straight up combat)
For maximum survivability.
Stress what monks are good at - mobility and survivability.
Take scouting type skills, max out tumbling. Take Weapon Finesse (Unarmed) and look to OA for possible good defensive feats.
Possible list of skills to keep maxed out (you can keep 9 skills near maxed out with an 18 Int, limited only by starting as a Wizard):
Balance, Climb, Diplomacy, Escape Artist, Jump, Listen, Move Silently, Tumble, Swim, Jump,
In addition to being the party scout and all-around survivor, you can also be the party diplomat. You should pretty well dominate many non-combat scenarios.
Assuming you boost Con, Wis, Dex and get the cloak of resiatnce +2:
Your AC should be 10 + 5 (boosted Dex) + 5 (boosted Wis) + 1 (Monk Bonus) + 2 (Bracers) + 1 (Amulet) = 25. Not bad - you'll want to always look for AC boosting items.
Note: Your armor class vs. touch attacks is 23 !! Not many touch attacks will affect you.
Your saves will be:
Ref: +5 +5(Dex) +2 (Resistance) = +12
Fort +5 +4 (Con) +2 (Resistance) = +11
Will +7 +5(Wis) +2(Resistance) = +14
Your hit points depend upon how you roll them, of course, but you'll get a bonus of 28 points on top of around 31 or so, for around 59 hit points at 7th level. Not bad. (If you use Living City rules you'll have 42 + 28 = 70 pts)
That's a pretty good start for your character.
Keep in mind your job is NOT front-line combat. Leave that for the fighters. You can jump in front of the wizards and survive until the fighters show up to kill the bad guys.