Is there any way to backup your blog's contents in case of something happening and you want to restore it all?

Yes this is possible, and highly recommended to do every month at least. Is your blog a Wordpress.com blog, or do you have a Wordpress installation on your own server? Here are the instructions for if it’s on your own server. Using phpMyAdmin is very easy – I do regular backups of my blog twice a month and it takes only a few seconds.

wow, these are pretty complicated instructions – i guess it is just highlighting the different methods

Yes, these instructions are not all one step – they are for different methods. The easiest way is to dump the database from phpMyAdmin into a zipped file. Do you have access to this program? You would find it in your cPanel menu.