SEEKING ADVICE: Which component would you upgrade first?

Within your budget ...

If you're keeping those speakers, you should check for dry rot on the surrounds of the drivers. Fixing those could be the best money you spend. I would also look at how you have your speakers installed: location/posittion, on stands, how they are coupled to the stands or floor - these improvements can make a big difference without costing much aside from your time and patience to dial them in.

After that, new cartridge for turntable (and good installation!) and outboard phono stage. Good options for both from Rega, Denon, and others. 

After that, cleaning all your connections and replacing cheap patch cables and lamp cord wire with decent wire from Belden, Blue Jeans or others. Easy to spend a fortune on wire, but I do find basic sold brands can make a really nice improvement over old "free" stuff that came with the gear.

A streamer could open up your system to the world of digital, and so could a blutetooth receiver or cheap cable that connects your phone to an open input.

My rule is work your way in from the outside. Sources first. My priorities are:

1. speakers - source for your ears. The single largest improvement you can make to a system is to choose the best speakers for your ears, your room, your music and to match the rest of your gear.

2. Front end sources: Analog: cartridge, tonearm, phono stage, turntable (in that order, IMO). Digital: DAC, source (streamer, computer, device)

3. Preamp.

4. Amp

5. Everything else: cables and tweaks

Welcome, lucasread!

Gird up your loins!  :) 

As a recording engineer, can we assume that the room interaction with your loudspeakers, positioning and a modicum of room treatments has been addressed.  If not, it's biggest bang for the buck towards your goals. Overreaching on a good loudspeaker choice can then benefit from growing the system as your budget allows.  A power efficient loudspeaker can take you down the highway.  Finding a hi-fi mentor has great value on many levels.  Go slow, friend.  I've enjoyed the ride for over 60+ years.  Onwards!

More Peace     Pin         (bold print for old eyes)

It wasn't mentioned but I would start with speaker wires and upgraded RCA interconnects. Simple and cheap and your not tearing your system apart. Then if not satisfied, I would start with new speakers. Once you go down this road It's like changing a window in your home It turns out all new windows and siding. Each piece you change requires a new piece to fit your new system. So consider carefully and get your check book out. Good luck it can be great fun.

The OP is a Bot!