Replying to New laptop, or upgrades?

Hey all, so I really need to get my computer's speed up in order to run apps like PS CS6 and FCPX, as my needs have changed and I need a more powerful system. I have a macbook from 2008 or 2009. (yes this is ancient. Keep reading). I can upgrade my processor, software, and memory to appropriate standards for about $450. My question is whether I should just buy a new computer for around $900, or just get these upgrades? Is there something better about just getting a new computer or are upgrades suitable? Thanks.