Once a week?
//scoff
I mean I guess that's better than nothing but not by much.
It doesn't take alot to make a sound backup plan, the problem is just getting it setup.
My suggestion:
1. Buy the drive. 1 TB Would be nice, but you can't get by with 500 GB, assuming you don't fill up the drive.
2. Partition the drive. If 1 TB, partition it to 320 (the size of your internal) , with the remainder for time machine. If 500, partition about 150-200 for your internal, with the rest for time machine. This assumes you will not fill your primary to capacity.
3. Using CarbonCopyCloner(free) or SuperDuper($$), make incremental backups of your primary drive on the smaller of the two partitions. This allows you to have a bootable copy that can be handy incase you need to ship your computer off for repairs. It'll also allow you to restore very quickly if you need to replace your disk drive.
Most importantly, it will allow you to boot your current installation and all it's files on any recent mac, straight from the disk.
4. Using time machine, backup to the larger partition as often as you want (time machine default is one (freaking) hour, but you can set it to something more reasonable i.e. every 6 hours or every night).
I know what you're thinking: Wow. What an epic waste of time. Why would I have to implement such a solution?
Think about each solution on its own. If you only have time machine backups, you'll be safe from accidental deletion. But what if your entire machine is hosed and won't start up? What if you cannot find the original system disks? An install disk is required to restore the time machine backup to a new install.
What about just a full backup? Well, what happens if you delete that video file of your child's first words at 11:59 PM and your backup is schduled for 12:00 AM? Congratulations. Your memories are gone on your master and backup.
Using both will allow you to quickly bring up your machine in the event of a catastrophic failure, decrease the lag time between your recent most backup and your current master, and give you days or weeks worth of copies to work with (depending on the size of your time machine backup).
( If you look in my sig you'll see my little ¬.¬ message. It's because i've dealt with an increasing number of users who are frustrated after data loss (much like yourself) after i've told them repeatedly to "back it up"

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