HOW TO: Automated database backups (1 line of code + cPanel)

[dogbite]

Got this error via email:

/home/MYDB/backupscript: line 1: /home/MYDB/backup/BACKUP.sql.gz: No such file or directory
mysqldump: Got errno 32 on write

Where:
MYDB is my database name
backupscript is the script (former .txt)
backup is a folder where I want to have my backups saved.

Thanks for your help.