This method is very helpful (and it does help that I have a husband that remembers to do this very faithfully!) and we rarely run out of things - unless I am trying to go for months on end without shopping or something like that! :-)
Having a running grocery list on the fridge is very helpful for having things already well planned out should I make a last minute decision to do my grocery shopping that day.
I hope this works for you as well as it has for us!