I love limited palettes. Here is an example of the Old Masters palette (you can find on this blog). Value study, value chord, color study are a must.

I love limited palette

 Value Chords of a Limited Palette color scheme. Paynes Gray/Burnt Sienna/ Raw Sienna. I use Raw Sienna rather than Yellow Ocher because it is a transparent earth pigment. 

Also included is a Delicate Triad of the same resource. 

Always do a value study and chord.  

I use the Munsell Value System.