I set the margins of my document in this way using the
Is it a correct way or does there exist a better way?
I agree with egreg; if you get the result you want then everything is fine. But let me mention that some document-classes have their own way of setting the margins. Personally I swear to memoir (when I have the choice), which is one of the above mentioned document-classes. Here you can set the margins using
And I believe that this way is preferable with