There is no problem in doing it that way (besides having to reset after restoring). If it is a small project and you don’t need a more complex backup procedure or some special features from your backup, you are OK to continue without modifications.
Another option would be having a remote repository you can use to backup your local one (which is what I would recommend. There are free services). If there is no network connection between your local repository and your backup one, you could use Git bundle.