+1. Leroy's advice is, as always, excellent.
My additional thoughts: I think the place to put extra money is in more storage, not RAM or processing power. Nothing inside a Macbook Pro can be upgraded/increased after the computer comes off the assembly line, so looking ahead is the "new normal."
Recommendations can depend on the purpose of the computer. If this is to be your only computer, get all the storage you can afford. If you think a 512GB SSD is enough storage today, get the 1TB SSD.
We see to many sob stories here from users who bought too little storage or too little RAM. And then they discover that nothing can been upgraded and they are stuck with it. See this recent post:
I don't have enough storage to install MacOS Monterey
☝🏻Remember: what you order today will be your "forever storage and RAM," at least until you replace the computer.
If this is a backup or travel computer and you have a powerful desktop at home, extra RAM and storage are less critical. My old Macbook Pro is for when I travel or have meetings away from the house. Work-in-progress files needed across my devices are in Dropbox. My 9-year-old Macbook Pro (the last the could be upgraded) works perfectly in that roll with an aftermarket 512GB SSD and 8GB RAM. Anything more would be overkill.
⚠️ IMPORTANT: Get a reliable external backup drive and use it! For the same reason you cannot upgrade storage, you cannot remove the old SSD for data recovery should your logic board fail. Lacking an external backup drive, you will lose everything if disaster strikes.