I don't know about nuts, but your gun is just fine for hunting elk. I would worry more about getting in shape than the cost of your rifle.
My youngest son took his first deer and elk this year with a Marlin Xl7 (youth model) in 7mm-08 with a nikon prostaff 3x9. When I took both of my boys late season elk hunting I didn't even bring my elk gun a browning stainless stalker in 300 win mag. I used my boys (not that I needed one)