Watts is the most quoted and least understood of all the terms in audio.
A receiver "puts out" watts. Speakers "absorb" watts.
I don't know what you mean when you say your receiver is 350 watts max. Where did you get that number? Off the back panel? If so, that's what it can draw from the wall socket, not what it puts out.
As for the sub, it's amplifier will "put out" that 150 watts but it doesn't go anywhere. It's used to power the subwoofer.
Your speakers can safely "absorb" 50 watts each on a constant level but, if you're smart, they will work with amps much more powerful than that. You would be surprised at how few watts you use. Just a handful of watts can create a painfully loud sound level in most homes. The only time you come close to pushing the receiver is on brief peaks. You should be fine if you remember this "If it starts to sound bad, turn it down now!"
simply put, you're fine.