Congratz VICKI
I must echo what TINAM has said - do not try to sort out the action or "set up" the guitar yourself
Having recently done the tech course and having set up a few (really expensive!!) guitars now I would say that around 80% of the change in setup is down to adjusting the truss rod
You will read online etc. that you should do a "quarter turn" here and a "quarter turn" after checking whether the neck is straight or bowed by "eyeballing" it - IE looking down it
IMHO this is madness as without measuring accurately you may be doing more harm than good. It is unlikely that you will break a neck BUT you could break the truss rod and the repair cost would "write off" a top price guitar, let alone a cheaper one
You can measure the "action" and "neck relief" using feeler gauges by fretting the string at the first (or use a capo) and last fret and then use the feeler gauges to measure the distance between the top of the 7th fret and bottom of the string (for neck relief) and do the same at the 12th fret (for action) as you are using the fretted string as your "straight edge"
HOWEVER, this is assuming that the frets are at the right height and it is also really easy for the feeler gauge to move the string so the measurement may not be accurate enough
I use a notched straight edge and feeler gauges to measure neck relief to take the frets and string movement out of the equation
It would likely cost less than $100 for someone to do a proper setup for you that has all the right tools so they would get the truss rod adjusted, set the saddles to follow the radius of the fretboard, sort the nut out, address any fret issues and set the intonation
Even if you paid less than the setup cost for the guitar it is still well worth it - a budget guitar with a good setup will always play better than an expensive guitar with a poor setup!!!!
I don't like the Strat/bullet type trem bar though because the thread wears and then you get a 'slack' spot which affects the sound and feel. I overcome this by wrapping PTFE tape around the thread but this has to be refreshed regularly.
I have a great little tip for you...
You can get a very small spring that is short and stubby, very strong and is small enough to drop in the hole where the tremolo arm goes
As you tighten the tremolo arm it compresses the spring
The pressure of the spring against the bottom of the tremolo arm is enough to hold the tremolo in place (so it doesn't spin around whilst you play) enabling you to leave it where you want it and avoid the "flat spots"