Me and my wife are going there in november as well for 3 weeks. it is our first trip too but i have done extensive research on the place. since you girls are there for only 5 days, it depends what kind of a experience you want. if you want a more local xp , stay in ubud. if party scene is what you are after stay in canggu or seminyak area which are closer to the beach down south coast.
Hey! I recently wrote an article that has everything that you need to know about Bali. l am sure most of your questions will be answered here. You will get information about the best places to visit, where to stay, estimated budget, food, currency exchange and more! Here's the article, do have a look: https://www.tripoto.com/trip/most-asked-questions-about-bali-answered-5c7929d56eac6 Hope this is helpful. Happy travels, Saumiabee