Automatically Snapshoting AWS instances (or other back up strategy)

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http://serverfault.com – I just realized that my aws instance count has risen into the double digits. I'm currently backing portions of my folders and dbs and moving them off to a backup instance. What I think I should be doing is taking a snapshot of the instances (automatically) and persisting them on S3 so I have a running 7 day collection of daily backups. There is a question asking the same thing here, however the answers don't go into depth. So the closest answer seems to be: use a cron job to snapshot the instance. So do I run the cron job on the instance itself? or do I have a micro instance to run these s (HowTos)