Should I save up for a gaming PC or just get a PS5?

If your main goal is playing current big releases without spending too much upfront, I'd lean PS5. It's a simpler purchase, and you don't have to put together a parts list or stretch your budget for a graphics card.

Check the cost of the games you actually want, though, along with any online subscription and a display if you need one. The cheaper machine isn't necessarily the whole cost.

I'd save for the PC if emulation and a wider choice of games are big reasons you want one. You also get a general purpose computer, multiple game stores, and the option to upgrade parts later.

Just don't assume every game will be available on PC at the same time as console. Check the release plans for any games you're buying the machine to play.

You don't have to buy a dream build on day one. Price out a modest PC that can run your games at settings you're happy with, then compare it with a prebuilt and some used options. A used system can save money, but check its condition and what support or return options come with it.

Include a monitor and peripherals in the budget if you don't already have them. Also, buying parts one at a time over many months can leave you unable to test them before their return windows close.

I wouldn't make the decision based on a prediction that PC parts will definitely get cheaper. They might, or they might not. If the PC you want is out of reach right now, waiting makes sense as a savings plan, not a guaranteed bargain.

Think about what you mean by a PC lasting a long time. It could still be useful for indie games and everyday tasks years from now, but that doesn't mean it'll run every new blockbuster at high settings. Buy for the games and performance you want in the nearer term, then reassess upgrades later.