In addition to making backups, it is critical that your backups be stored off-site.
A friend of mine had their laptop stolen as well as the external hard drive they used for backups. Years of irreplaceable family photos lost.
Think fire, flood damage, theft, etc. in addition to hard drive failure.
I backup 4 computers in our household to the cloud using Crashplan. Set and forget for under $15 per month and the backups are done daily. Running backups on 4 computers on even a weekly basis would take me hours each week. My time is valuable to me so the $15 per month is well spent.
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