This practice usually results in overwatering because the soil in the lower portion of the pot ususally stays wet and the roots growing in this soil tend to get waterlogged. Some better ways to check soil moisture are to push your finger an inch or so below the soil surface, or to judge soil moisture by the weight of the pot. Check plants frequently, but don't water unless it's needed. Don't forget about your plants light requirements. Even houseplants need light, and most prefer well lighted locations.
Light provides the energy source necessary for plants to manufacture food.
Plant light requirements are usually measured in foot-candles. Most homes are full of areas that are too dry for plants. Plants often thrive in kitchen windows and brightly lit bathrooms because of the humidity. If you suspect that your plants are suffering from dry air, set your plants on trays filled with gravel. By filling these trays about half-full with water, you can maintain an air gap to ensure good drainage, and moisten the air around the plant with evaporation from the water in the trays.