backing up my wordpress SQL database

Along the lines of using this as a sort of lab journal for my experiments and thoughts, I think it is important to keep these things backed up. Crontab again comes to the rescue by executing a small snippet of code that will backup the database in case something nutty happens. The script for such an action looks something like so:
#!/bin/bash
/usr/bin/mysqldump -u root -pPASSWORD wordpress | gzip > /home/bob/RAID5/Backups/MYSQL/wordpress_`date +%m-%d-%Y`.sql.gz
I set this to run in the crontab at 5am daily. This will create a new file each time, but I may have it perform this task once a week and have the daily backup overwrite the previous dump.