What should be the first step to take for someone who is new to managing their personal finance ?

Yeah I agree, keep track of your expenses through an app or something first to understand what you spend on, and do a rough budget based on your spendings, see where you can cut and put all those into investing or get your insurance to cover CI etc

Keep track of all your expenditure. Budget for your spendings and reduce anything that’s contribute to bursting that limit. You can check out the 50-30-20 rule