There's more option how to do it inexpensively.
If you've got root access then Create a zipped file, download MySQL database
and save in your own computer, Google Drive, or whatsoever is better for you.
Else, If you don't have provided any root access (it's a shared hosting), then you'll have to come via FTP/SFTP. Thereafter, again, you can download it very easily.
Almost all hosting providers offer a snapshot. You can create a snapshot of the whole VPS, or dedicated server and restore it (if you'll need so). This is one of the best solutions, because MySQL isn't the single one vulnerable part of your machine.
[h3]Internal automated backup[/h3]
Don't you have it for free? Already included? OK, anyway, maybe, your own host could be cheaper than any other. I hope you check out the price.
[h3]External automated backup[/h3]