Separates do offer benefits in that you have complete separating between power supplies, low current circuits, video circuits, etc. Plus you have great flexibility to add to your system, expand it, or change it. Moving and getting a big room so you need more power?, just change the power amp. This is all great, but it does come at a price. Basically, you need to add another chassie, another power supply, additional power cord, etc. etc. it all adds up quickly.
A receiver on the other hand will always be the most cost effective alternative, basically, you will get much more for your money. Yes, separates can offer some benefits, but the difference can be surprisingly small. You do give up some flexibility though.
If it was me and money was an issue (which it's always for most of us...), I would spend the money on the best possible receiver you can get after you bought the speakers you want. Make sure that the speakers and receiver do sound good together. Very bright speakers and a very bright receiver can be too much... opposite it true as well of course.
A receiver on the other hand will always be the most cost effective alternative, basically, you will get much more for your money. Yes, separates can offer some benefits, but the difference can be surprisingly small. You do give up some flexibility though.
If it was me and money was an issue (which it's always for most of us...), I would spend the money on the best possible receiver you can get after you bought the speakers you want. Make sure that the speakers and receiver do sound good together. Very bright speakers and a very bright receiver can be too much... opposite it true as well of course.