Timevault is an automatic backup utility that takes a snapshot of your current filesystem or directory for pre-defined amount of time, which can be used later to retrieve damaged files or folders. Timevault is in beta stage of development and can be downloaded from https://launchpad.net/timevault. After installation you need to logout and log in back to finish installation and you will find timevault icon on the systray:

File backups are a key element for every user and on every computer. Whether it be an office setting or a home desktop machine, backups are essential - your hard drive will fail at some point; you will need a backup, and you'll be kicking yourself if you learn this lesson the hard way.