My MO is if I got enough for 3-5 levels I'll cash them in. At the same time having a high level really won't make your life that much easier which is a misconception. A lot of people I've seen quit these games die and lose a bunch of souls/echoes and say "fukk this shyt, I'm out." Having 5 extra vitality or a few more points in strength won't make that next boss fight any easier. There are fringe cases where if you had a pixel more health you would have survived but that doesn't happen often. Biggest advantage you can give yourself is having your weapon as decked out as possible. Other than that you just gotta learn the fights and execute. Not locking on can be better in a few fights so experiment with that too.
Also the Threaded Cane is pretty wack as a starter weapon if you're new. Basically asking to play on hard mode. It becomes highly
later on but until then it's real weak. Saw Cleaver, Hunters Axe and Ludwigs Holy Blade (not accounting for playstyle, strongest weapon in the game) are all better options.