That's what I do as well. I think it works - or so the logical side of my brain thinks.
In addition, I also keep a detailed log (not the one the printer keeps - I just got a 3800 and had an HP B9180 before) of what I printed, the print size (not paper, but inked area), etc. This way I have a reasonably accurate record of what print used how much ink and what was wasted. I can figure out my costs from there.