I am a total beginner when it comes to bass or any instruments for that matter. When I play my e-string on the 1st fret it gives a bad buzz. The rest of the frets seem fine. Should I spend the money for a setup? Or is it something else.
If the bass has never been setup since in you got it, even if it is new it's not a bad idea to have a setup done.
Yes - a setup should fix this. There are a series of steps to follow that you should be able to find here. Do a search on "setup, buzz, action" and I am sure you'll find ways to fix it. You can also take it in to a pro and have them set it up for you at a cost.
Being I've only been playing for 3 weeks, I'll leave it to a pro. I called and the store near me does setups for $10-$20 so not too bad.
I agree that a pro is the safe route, but don't underestimate yourself either. If you get a book and are not intimidated by using an allen wrench and screw driver, you can do a lot yourself. I'd see of the pro you take it to would mind letting you watch what he/she does and take notes. Being able to do your own setup is a really good skill to have and you it's not magic. DISCLAIMER: If you are unsure, don't turn it! But also don't let the idea of doing your own setup scare you away. As long as you have a good reference and follow the guidelines (not turning the truss if it feels way too tight - not turning the truss more than [X] per day... etc...) you can do a lot on your own.
Since you are a novice there might be another solution. The bass may not require an adjustment. The buzzing might be due to your inexperience and lack of hand strength. This is not an insult. It is simply a suggestion. Before spending money or turning any nuts have someone who has been playing successfully for a while play the instrument. Then take it from there.
Had it fixed yesterday. The strings were way too low. The guy at my music store made the adjustments and it only cost $10. No more buzz now!!