That is a very nicely balanced system for gaming, all the parts compliment each other and shouldn't cause any bottlenecks. We all too often see people trying to save too much on one element and then going overboard on another only to have the budget components bottleneck the system.

The only element you got wrong was the PSU but that is a common mistake, most people don't understand how important a decent power supply is, both for stability and for the safety of your investment. 

I would replace that PSU as soon as you are able, bargan bin PSUs have a nasty habit of burning out and damaging the rest of your system. It is the one component I never compromise on, even in an ultra budget build. Your build has some reasonably expensive components in it, you wouldn't want to have the cheap PSU damage them should it die and cause harm to the system.

My only caution is the power supply, always go with an established brand. I would look for something from Corsair, Zalman, Evga, Cooler Master etc. Most good brands have budget power supplies. Most decent power supplies have an 80+ bronze or better rating. For that system a 400w decent brand PSU would be more than adequate.  

What other parts are you planning to get?