Applying to college-save money on applications?

Because college applications are so expensive, would you recommend me doing this to save money- I have two top choice schools, I'll apply to them early action and get notified of whether I am accepted by mid-December. If I get accepted, I won't apply to an others. Would this be smart or should I apply to others as backups? Usually the deadline for most colleges is January 1st. Any opinions? Thanks!