That's not the best power supply. I would replace that if you are going to spend money on upgrades.
Try to get something at least teir C on this list:
https://cultists.network/140/psu-tier-list/
For the CPU I would get the Ryzen 5 5600 (non x) for $120
For GPU I would look at the Rx 6700xt for around $300.
If that's too much, let us know your budget.