If your budget is limited do not make the jump into Warhammer Fantasy just yet. A new edition is slated to drop in July that will change everything. No sense buying a book now to have it be useless here in a month. You are pretty spot on there. What I would do is start by getting your basic painting supplies and a model you like, then practicing painting / start getting hyped for 9th.
Step one: Choose an army. Decide based on theme. Undead stuff? Awesome. Look at End Times Undead. It combines the two current codexes for Vampire Counts and Tomb Kings. So awesome sauce there. Both armies are strong individually and are even better combined.
Step two: Choose a color scheme / theme. This for many is the trickiest part. But generally speaking you want to have one color scheme or look for your entire army. It looks intimidating on a table and awesome on a shelf and you can look at it and be a proud proud army baby daddy.
Step three: Procure models. Pick a model you think is cool, and a basic box of troops from the same army. Don't pick it based on rules - pick it because it looks freaking badass. Go with a plastic model. Games Workshop is phasing out their finecast and metal but generally speaking if you get a plastic model it will probably be playable in the new 9th edition coming out. The box of troops is to practice on. The cool model is something to be proud of when you are done painting it up.
Step four: Procure supplies. This is where you pick up the stuff that you are going to need for ALL of your painting and assembling. Start by getting come clippers and a hobby knife (exacto knife). Don't get the GW ones, they are WAY overpriced. Just visit your neighborhood craft store and ask for plastic clippers. Glue. GW plastic glue is the bomb. Works great. You typically only need thin glue for this. Brushes - you generally want two base coat brushes, two detail brushes, and one fine detail brushes. Use GW brushes as a size reference but do not go with GW brushes. They suck and are overpriced. Know that you will need to replace your brushes over time. Get some brush cleaner. They come in these little yellow cases and the stuff is awesome, lasts forever. When you are done with a brush be sure to wash it and leave the cleaner in. It will make your brushes last much longer.
Step five: Acquire paint. Ok so now you have some options. There are a bunch of companies that sell paint for minis. Reaper, Vallejo, and Citadel are all great. Generally speaking Citadel has the best washes, but everything else is personal preference. The Reaper and Vallejo stuff comes in eye dropper bottles which are amazing, and are generally cheaper.
Step six: Assemble and start painting! Use tutorials (there are a bazillion on youtube) to learn how to paint properly. Paint your box of core troops first to get a handle on it, and then get to painting your chosen model.
Step seven: Get hyped as fuck for 9th. By the time you have finished these steps 9th will be just around the corner and there will probably be rumors about your codex in the works. During this time go to your friendly local gaming store or Games Workshop and watch people play, paint, or just talk.
Good luck get hyped and happy wargaming! Welcome to the community!