This is how we do are backups.
We back up our database and home directory using cpanel.
I try to back up our DB daily and the home directory every now and then as it does not change much any more.
I back up to the hard drive to a folder called AJ Backup.
Inside the folder are a fold for each day of the week, Mon, Tues, Wed. Thursday, Friday, Saturday and Sunday.
Doing it this way I do not have to date each folder or worry about over writting a newer DB. I always have a week of the latest DB backups.
From there I use Mozy.com to auto copy the AJ Backup folder to a online folder.
I also keep a copy of the AJ Backup folder on a USB thumb drive that is on my key chain.