Create a file in your /home/username/ directory named backup.php with the code below. Then setup a cron to run the file daily. We actually run it 4 times daily.
You don't need your own expensive FTP server either. I use an XP Pro machine with Filezilla server installed to it for our remote FTP server. The XP machine is located right next to my main workstation so I can burn copies to DVD if need be. I use port forwarding within my Verizon FIOS router to point the FTP port to the XP machine.
I can sleep at night now knowing I have a local copy of our most important data.
Don't rely on your hosting provider for backups. If you read most hosting providers' policies they're not responsible for them anyways.