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Creating a backup schedule is a relatively straightforward process. While you could carry out a few simple calculations (including factoring in your traffic levels), the reality is that if you’re backing up regularly and often using your chosen solution’s built-in features, you should be good to go.
Having said that, you do not want to be storing copies of every single backup you make in the one place. Instead you strive to have at least one local backup with a second copy stored offsite. Again, plugins can help you with this, and many offer a way to store backups externally.
Just to reiterate – backups are vital. They help you to get back online quickly and easily after an issue, and more importantly, help minimize the downtime experienced by your visitors. And in the end there is really no good Country Email List reason (not a single one) to not backup your website. It’s better to be safe than sorry – which is exactly why backing up your website is highly advocated. Even if you were to feel that your website isn’t going to lose much in the way of traffic/revenue because of a little down time, you could still potentially lose everything you’ve put up on your website.

I’d definitely recommend that at the very least you get a free plugin to help safeguard your WordPress site. And make sure to always take a backup up as you publish new posts, as well as before and after major updates to your WordPress installation, themes and plugins (or at the very least once a month just to be safe).
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