The following commands should be run daily. This will give you a backup for 1 full month. After 1 month the backups will overwrite the oldest files. The %d is the day of the month.
GoDaddy:
In your Hosting Dashboard -> Content -> Chron Manager, enter the following line as the command. Replace <xxx> with the appropriate values.
mysqldump --opt -Q -h <server_address> --user=<username> --password=<password> <database_name> > <your_path>/<database_name>_`date +%d`.sql
BlueHost:
In the CPanel -> Cron Jobs, enter the following line as the command. replace <xxx> with the appropriate values.
mysqldump --opt -Q -h localhost --user=<username> --password=<password> <database_name> > /<your_path>/<database_name>_`date +%d`.sql