First, you need to have cartridges that does NOT have less than 15% full – these can be reset reliably
This video => https://www.youtube.com/watch?v=7kCc5fwssVM
shows how to prepare the cartridges, and where to buy the tool to reset them.
Then go to http://www.inkjetmall.com – a full set of nine 220ml (almost 3 refills) quality refill bottles of ink will cost you less than a single set of original Epson ink (= OEM ink).
There also is an option of dye inks, which are even cheaper.
Now, there are general color profiles to try out,
but in the end… You MAY need a way to profile paper; e.g. a Colormunki (best) or a Spyder print” (somewhat less accurate)
Calibrate monitor – this creates a a profile for it, with a specific filename if the calibration software allows it.
In Ps you access the currently active monitor profile from the “Proof > Custom setup” menu as “Monitor”
As you select it “Soft proofing” turns on and Ps uses the available information about the image to adjust it to show correct colors on your display.
Note that the above implies that you need to tell Ps which profile and thus color space the image data belongs in. If you don’t know, check out information on which ones are the largest and try there first… “Pro photo, Adobe RGB, …. sRGB”
As you have done this, the display should reflect the “true” colors of the image to the extent that your display allows them to be shown.
Now, having more profiled devices, say a printer, allows to select the profile for it – and emulate how a print would look. Just go select the profile in the Proof > Custom setup menu.
As the proofing profile has a smaller gamut than the current image’s gamut then you may check if there are pixels that has colors that are hard to fit within the smaller gamut:
Proof > Mark out of gamut color”
Out of gamut colors, correction (old Ps used, same technique can be used still).
Details on old photoshop, still relevant?