For a first build that doesn't cost an arm and a leg, it will do nicely. I would normally advise on a better name PSU, but the reviewers at Newegg seem to like that one. It got many good reviews. But don't expect it to be a 'real 500W' PSU. With 2 18A rails, it is apparently over-rated @ 500W. Nevertheless, you won't be over-stressing it with the build you have in mind. So, unless you get a lemon, it should be fine.
In case you're interested, I've used this PSU in several budget builds with no failures. http://www.newegg.com/Product/Product.aspx?Item=N82E16817371030
But you have to act today if you want to take advantage of the $10 off discount.
Either way, good luck and I hope you have a fun build.