It depends how much you like the subject/place of the first one. It is a bird in the hand decision, as you may not be offered the second, and lose the first if you dont accept.
If the one you have been offered sounds interesting and you like the people you should accept it and cancel the second interview. If you don't like the place or the people, then tell them you will decide after the second interview. They may say that the offer does not stand that long, and you must be prepared for that.
If your funding is not adequate, you coudl use the second interview as leverage, but that is only if you are really confident that the first PhD offer is solid and they really really want you. I am also in agreement with Tim. If you like the first offer, do something fun next week rather than getting all suited up for another interview.
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