That will run the game just fine assuming a few things. Firstly that you're running it at 1920x1080 rather than something much higher (being on a budget I imagine this is correct). Secondly, you'll probably need to sacrifice something somewhere for your playing experience to always be consistent. I actually run with a slightly weaker graphics card but stronger processor and choose to limit the frame rate to 30 fps with otherwise maximum settings. You could probably go the other way if the frame rate is more important to you, or just turn everything up and deal with a slightly more variable frame rate in congested areas.

Essentially that setup is more than adequate. Also, as it pertains to this game as well as almost anything else you might be doing with your PC, 8GB of RAM is enough. Increasing to 16GB will have no discernible effect in the vast majority of situations. If you've got a bit more in your budget the most significant performance increase (for everything, not just this game) would likely be from a SSD if you weren't already considering one.