Sorry to burst a bubble but your PSU probably cant run that updated setup reliably. You dont wanna upgrade and then later your PSU fails and everything goes to hell. Plus it just doesnt meet the wattage requirements, if it were a 450W one I'd let it pass but I recommend you upgrade to a 500W one and try to go for a good brand, dont cheap out on that.
I recommend a Ryzen 3 3300X if you can find it under $130 it gives slightly better gaming performance than the i5 9400F. Go with a B450, or if you plan to upgrade in a month or two, a B550 Motherboard, this way you'll be able to upgrade to a better one later. If you're strapped for cash then look for a A320 motherboard that can run the 3300X. Check the manufacturer's website for that one although I've seen most boards support it but you wanna be sure. Otherwise i5 9400F is also a good CPU you wont go wrong either way.
Your memory is on the slow side but you can always upgrade this later on, CPU/GPU/Mobo/PSU takes Prio.
The GPU is fine you'll be able to run every current game between High-Max on 1080p 60fps. Should last you a good 2 years but that depends on how you like to play games. If you love your game quality settings as high as possible then upcoming PS5 titles may not run that well on it. I expect them to run on Low-Medium 60 FPS but I cannot say for sure. PS5 GPU is RX 5700 XT with higher Clocks but games will optimized for PS5 so even if you have an RX 5700 XT on the PC-side you may not be able to get the same performance. I still think the GPU is a great option especially if you're on a budget.
Storage is fine, you can always get more if you feel like it nothing that needs urgency.