I've got Timeshift set up to keep three weekly backups, the incrementals. Their size will depend on what files have been changed since the previous backup. My original backup, the epoch or initial backup, will depend on what directories and files you decide to backup. After each weekly incremental completes the oldest one is deleted automatically.
My Timeshift backup partition is on a second drive; USB external, and at 750Gb is waaaay to big. Putting the Timeshift partition on your primary drive isn't going to help you if it fails! I assume you mean disk space when you say "memory."
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