IMHO this is an excellent approach on such a budget.
Also what Steve posted is very insightful.
1-Are you doing this just for you to hear?
Or
2-Do you intend to have others (clients, friends, other musicians etc)
listening to your work as well? Perhaps on other systems?
If it is #2 your work then needs to ‘translate’. (sound good on multiple systems)
This is where monitors and room treatment come into play.
But one step at a time here.
{‘-’}