Having backups in two places could easily triple the hosting costs. The question is what costs more. Eg. Losing data vs backup costs.
Literally just push a postgres dump to S3 (or any other storage provider) once a night as a "just in case something stupid happens with my primary cloud provider". It'd take a couple hours tops to set up and cost next to nothing.
Also, by "two places" I meant the live DB and one backup that's somewhere completely different. My wording may have been confusing.