This backup scheme is the same for both disk backup and file backup types (except scheduler settings).
The program creates a full backup version and overwrites it every time according to the specified schedule or when you run the backup manually. In this process, the old version is deleted only after a new version is created.
Backup scheduler setting for disk backup: monthly.
Backup scheduler setting for file backup: daily.
Result: you have a single up-to-date full backup version.
Required storage space: minimal.