Trying to build a console killer for $550.

Hey guys, I'm trying to build a cheaper gaming PC as well. Based off the recommended builds in here, I put this together. Can any suggestions on how to get this under $700 (Including Monitor/Windows/Keyboard)?

PCPartPicker part list / Price breakdown by merchant

Type Item Price
CPU AMD FX-6300 3.5GHz 6-Core Processor $97.46 @ Amazon
Motherboard MSI 760GMA-P34(FX) Micro ATX AM3+ Motherboard $39.99 @ Micro Center
Memory Team Elite Plus 8GB (2 x 4GB) DDR3-1600 Memory $43.99 @ Newegg
Storage Seagate Barracuda 1TB 3.5" 7200RPM Internal Hard Drive $48.75 @ OutletPC
Video Card XFX Radeon R9 290 4GB Black Edition Double Dissipation Video Card $240.00 @ Newegg
Case Xion XON-560 MicroATX Mini Tower Case $29.99 @ Newegg
Power Supply EVGA 500W 80+ Bronze Certified ATX Power Supply $37.99 @ NCIX US
Operating System Microsoft Windows 8.1 OEM (64-bit) $86.98 @ OutletPC
Monitor Asus VE228H 21.5" Monitor $126.99 @ Amazon
Keyboard Logitech K120 Wired Standard Keyboard $6.99 @ NCIX US
Mouse Microsoft Optical Mouse 200 for Business Wired Optical Mouse $4.99 @ NCIX US
Prices include shipping, taxes, rebates, and discounts
Total (before mail-in rebates) $834.12
Mail-in rebates -$70.00
Total $764.12
Generated by PCPartPicker 2015-06-22 01:12 EDT-0400
/r/buildapcforme Thread