What printer have you got? You can refill the ink cartridges on a lot of them - see link here Or if you do a lot of printing then a Continuous Ink System like this (they do them for most of of the HP printers) is fab, you need to hack your printer a bit but then you just have a bottle of ink on your desk & refill it whenever it gets low. Otherwise, could you give away the unwanted photo paper & cartridges? Someone's bound to want them.
Have a search, there's lots of people out there on t'net trying to work their way round the endless tiny cartridges. We've had a 5150, 5652, and 8000, and we (well to be fair DH who is good at this sort of thing!) managed to get something as an alternative on all of them.