Bicycling

The bike store should have some oil. In most cases any oil will do, it is more to protect the links as they connect and disconnect to both the front and rear gears. The better oils will do a better job then the cheap stuff, but your Huffy has a wide chain compare to the chains in bikes with multiple gears and thus can take a lot more abuse then those thinner chains.

The better grades of oil do a better job for they often have extras in them, that keep the oil in the chain longer AND provide additional lubrication for the parts. The oil sold by your local bike store should be sufficient.

Oil once in a month should be sufficient. All that is needed is a light coat, and then more on the GEARS then the chain itself (Each will provide oil to the other as you peddle). When I oil I oil the chain and the gears and anything else the chain interact with (such as a derailleur on multiple gear bikes).

Hopefully you put some sort of lube on the Bottom Bracket (What the Peddle revolve around when you peddle) and the front stem (Which turns with the front wheel). These are all movable parts of the bike and should have some lubrication. If installed with Lubrication, that lubrication should last for years but after a year of hard riding you may want to have someone look at those parts along with the chain.

Remember anything that moves will wear out, That includes the Wheels and the Tires, but also the bottom bracket, but except for the chain, these items will take years to wear out thus do NOT worry about them but do get them check out every couple of years (Every year not needed, but recommended).