Is this supposed to be a way to save money? If so, maybe this strategy makes sense if you frequently find yourself overcome with difficult-to-resist urges to buy stuff that your rational mind considers a low-utility use of your money?

This is a fairly common problem. Mostly with girls–it's kind of a Western-cultural thing for girls to go shopping "for fun" and get pleasure from acquiring stuff, which they won't necessarily use frequently. I don't have this problem either, mostly because my threshold for actually buying stuff is really high and I've integrated "being thrifty and good at saving money" as part of my self-concept. But I observe it a lot.

There's also the aspect that using stuff is a good way to increase your day-to-day physical pleasure. A cloak feels nice on your skin, it's warm, it's comfy, etc...and reminding yourself to use it increases the amount of attention you pay to those simple, easy-to-obtain pleasures.