Well, lets think what does that give you:
1) If your database is lost or gets corrupted then you have a point to restore from.
2) You have a maximum exposure of 1 day of lost data as you don't (appear to) have any transaction log backups.
3) You are keeping 2 days worth of backups. This will help save on space.
Now, what you need to ask yourself is - is that enough?
Can you afford to lose a whole days data?
Would you ever need to restore a database over 2 days old?
Depending on the answers to those questions would define whether you need a more robust approach (eg transaction logs/differential backups)
I certainly think you've on the right track though.
HTH!
every day is a school day