As with everyone, we don't trust our devices working perfectly so we always keep our backups updated and safe.
General
We've setup iCloud Family Sharing and this is what we mainly use: a 200GB cloud storage that we pay S$ 3.98 monthly.
There's a lot of perks in Family Sharing including sharing purchases (no need to buy apps separately for me and Cess) and subscriptions (if ever Apple TV+ library becomes good enough). Google also has something similar with Play Store.