Is it a full backup each time? If so, you can delete the older backups and, depending on frequency, keep 3-10 of the most recent backups determined by the time stamp for each backup set.
Alternatively you could use a program like Syncback or SyncToy and just keep one set of all your files backed up (only new and altered files are added to the backup). The disadvantage is you have to set up the source and destination folders for the backup. Its not as automatic like the built in Vista backup tool once you've chosen which type of files to back up and the destination drive.
The Clickfree USB transformer device will search your system much like Vista backup will and automatically backup that data to any external drive.
http://www.clickfree.com/products_transformer.php