In addition to what everyone else has said here:
I'm sure the suggestions for G-Drive and OWC drives are good.
But if you don't have any type of backup right now, and budget is a consideration, you can get a typical external USB drive - e.g., Seagate, Toshiba, Western Digital, etc. - for about half the price from places like Amazon, Costco, Sam's Club, etc. Maybe Wal Mart. I've even bought used external drives off of CraigsList (look under "for sale" -> "computer parts") when I needed something quick and cheap.
I'm sure somebody will tell me why the G-Drive or OWC is better. And they're probably right.
But if budget is a consideration, any backup as soon as possible is better than none now or a better one in the future.