Yes, the guitar you have is an entry level guitar. When getting another guitar, most people get something better than what they have currently. Right now isn't the best time to think about a new guitar, play for a little while untill you bet better and you start craving higher quality. I played for a year and a half before I got a new guitar, some people wait longer, some shorter.

Bottom line, you'll know when the time comes to look at new guitars. Though, it is good to have an electric and acoustic.