welcome to the board!
Your turn-1 purchase should be based upon the German turn: If he had build an invasion fleet (Carrier & Transports) you should spend all your money in London. If he didn’t invest in his fleet, an invasion might just be postponed.
With your actions in the Mediterranean, a standard move is the “Taranto Raid”: use all of your fleet and planes (incl. the bomber in UK) to sink the Italian Battleship and as much of the Italian navy as possible.
There are some critics of this strategy here on the board, but my experience with G40 (and variant set-up’s for 1941 & 1942) show me that every time the Italian BB survives UKs 1st turn, Italy is nearly unstoppable in the Med., North Africa and the Middle East.
If you are new to A&A-1940 I suggest you should take a look at Young Grasshopper’s excellent strategy videos on youtube. (www. youtube.com/channel/UCRvGAYMU9MyOw6G0BKhmu2A )