You can use "Append" path option to create backups with 7 days retention for example, if you append a weekday. Or if you append month day, then you will have 30 days retention.
You may also want to overwrite backups, which may be configured in the "Append" section. For example, to overwrite backups every week and keep only the last 7 backups for every day, select the "Day of Week: " option.