been doing this for almost a year now.
Using headphones for practice, while depriving you of the "amp effect" (you know, ego and adrenaline boost of hearing yourself play. LOUD.) saves you damn alot of money.

I have a guitar, bass, multiFX, and stompboxes. saving up for another guitar, but i don't have an amp!
I just run headphones into my multifx and thats it. I don't even plan on getting an amp anytime soon. the studios and gig organizers are too kind.