One last note and then a summary of what's been written above:
You can exempt any folder or file from being backed up by Time Machine, and if you do have a Windows virtualization environment on your Mac (ie Parallels, VMWare, VirtualBox), you will want to exempt (as in "not back up") the virtual machine file, as backing it up will cause TM to update far, far longer than it normally would need to, and fill up your backup drive faster.
So to summarize:
After the initial backup, Time Machine only takes a few seconds every hour to update that backup with only things that have changed. It retains things you have thrown away in past backups so you can retrieve them if necessary, and it automatically self-deletes the very oldest backup updates as the drive or volume approaches capacity, so there's no reason for you to worry about it (but having a backup drive that is larger than the capacity of your boot drive is best so that you can reliably store many months worth of changes).