For example: at lvl 1 you learn Bardic Inspiration (d6) and Spellcasting. You also have the number of cantrips you know on the table (2), and the number of spells you know (4). You are also told between the table and the description for spellcasting that you can cast 2 lvl 1 spells per long rest (basically 2/day) which means that you know more spells than you can cast. For bardic inspiration (BI), you learn that you can use a bonus action to give an ally a dice roll that they can add to certain abilities. You can use this feature a number of times equal to your Charisma mod per long rest, which means a higher CHA gives you more flexibility.

Lvl 2 gives you more spells and spell slots, as well as Jack of all Trades and Song of Rest (d6). For Jack, add 1/2 of your proficiency bonus (PB) to all skill checks (athletics, acrobatics, etc.) Since our PB is 2 at this level, you gain +1 to all skill checks if you aren't already proficient. Sweet. Song of rest allows you to perform a song for us during a short rest, and we all heal a little more. Also sweet.

Lvl 3 is where things get interesting. This is where you choose your college, which pretty much dictates the course of most of the rest of your level ups. In the PHB (Player's Handbook), there are two options: College of Lore and College of Valor. Lore has you focus more on spells, and Valor focuses more on martial fighting. Both are really good, but the choice depends on what you want for your character. Once you make this choice, you (normally) cannot change it. (I say normally cause our DM might be nice if you realize you aren't enjoying an archetype and allow you to respec, but I wouldn't count on it.) If you go College of Lore, you gain some bonus Skill proficiencies and Cutting Words, which allows you to use BI to reduce an enemy's attack. Both of those are incredibly useful. If you go Valor, you gain bonus weapon/armor proficiencies and Combat Inspiration, which allows your inspired allies to use the BI for their AC, potentially negating an attack. Both of those options are also incredibly useful. On top of that, you get lvl 2 spells, new learned spells, and Expertise. Expertise allows you to DOUBLE your PB on two skills. This is incredibly useful.

How you allocste the points depends largely on specifically what you want your PC to be good at. My descriptions and suggestions below are aimed at a typical bard, so feel free to pick and choose ideas.

Strength allows a character to use stronger weapons and do things like Grapple, etc., easier. Typically not the most important thing for a bard, but some Valor bards could make an interesting build with it. Unless you plan to swing around a Greatsword or try to pun down your foes, I would probably make this an 8.

Dexterity is a measure of how nimble a character is. This is probably the most widely used score in the game. It helps with Initiative, AC, finesse and ranged weapons, escaping grapples, and one of the most common saves in the game. I would suggest this to be your 2nd highest stat.

Constitution is a measure of how much punishment you can take. It is important for Concentration checks (lots of your spells are concentration), HP (you add your Con mod each lvl to your HP roll), and Con saves against some of the most debilitating effects (such as stun, petrify, poison, etc). I would suggest this be your 2nd or 3rd highest stat, although you can definitely make a low Con bard.

Intelligence is really good for gathering info. Depending on the game and the DM, Int checks can be some of the strongest checks in the game. Strategy is always good, and knowledge = power. That said, it has little other use, and INT saves are fairly uncommon. If you go Lore bard and want to be a wealth of knowledge, you might consider putting some points into it. Otherwise, I would probably suggest putting a 10 in here and getting a background that grants a knowledge skill proficiency.

Wisdom can also be extremely helpful. Perception is one of the most-used skills, and Wis Saves are good for avoiding mind-altering spells like Charm, etc. Most non-damaging spells tend to use Wis saves (and some powerful damaging ones too). That said, we likely will have a lot of Wis in the party (druids and clerics use it for casting). There are a few really good wis skills (insight can save your butt), but I would suggest either a 10 or 12 in this, depending on what you do with Int.

Charisma is your strongest stat. Unless you are trying to go for a melee centric Valor bard and are taking spells that don't need a high casting stat (they exist, but are a bit rare), this should probably be your highest stat. You probably also want a race that adds to Cha if possible. Since our highest stat is 15, even a +1 Cha race is useful, but I would consider putting points into this for your ability score improvements (especially if you have nothing better to do). The faster you can get this to 20, the better.