Time Machine backups are great for recovering individual files. But, it is not useful if you have a "fatal crash" of your system (from a software perspective), and need to get back to business. That is where a backup/clone program is superior. I use SuperDuper! for that purpose (Carbon Copy Cloner is another excellent choice), and it makes a bootable backup/clone of my primary drive at that moment in time. The paid version of SuperDuper! has a similar feature to Time Machine, where it can do scheduled backups. (It also runs faster than the "free" version). For my processing needs, I don't need that. I just stick with my weekly disk maintenance/repairs/backup processing. I also keep my machines "lean and clean" at all times, and get rid of stuff when I no longer need it.
I can tell you that on 3 occasions, having such backups "saved my bacon", per se.
If you are only going to rely on Time Machine, I strongly suggest you follow through with some kind of cleanup/disk maintenance/repair processing. Two free tools you can use for that are 1) Disk Utility, and 2) Onyx. You might also want to consider investing in a more robust disk maintenance/repair program like Disk Warrior or TechTool Pro.
When I do my weekly backups, here are the steps I go through for both of my Macs:
1. Permanently get rid of deleted EMails in Outlook.
2. Use the excellent freeware program Oynx to perform some disk maintenance, and a number of cleanup, tasks.
3. Use TechTool Pro to perform disk maintenance (and repairs, if necessary).
4. Use SuperDuper! to make two backups to two separate external drives.
I guess the ideal, "free" way of doing the backups is 1) use the free version of SuperDuper! to do a backup/clone of your system (that will be a manual process, and done only as often as you decide to do it. Myself, I do it once a week), and 2) continue to use Time Machine to make more frequent "incremental" backups. If you then ever need to do a full recovery, you could first boot from the most recent SuperDuper! backup, and then recover whatever individual files that were backed up by Time Machine since that last SuperDuper! backup.