EP1CURUS  This is definitely for the newbie. All this thing does is create an encrypted sparse bundle disk image for you and compacts it when you close it.

You can do all this with Disk Utility and Terminal for free.

To create a sparse bundle disk image

1) Launch Disk Utility

2) Select New Image

- name your image

- choose a volume size

- format as Mac OS Extended (Journaled)

- choose your encryption level, 256 bit encryption is stronger but will take longer to format.

- Single Partition - Apple Partition Map

- Image Format "sparse bundle disk image"

- click create and you will be prompted for a password

- your done

Simply mount it and use it as a separate hard drive.

To compact your sparse bundle disk image

1) unmount the disk image.

2) launch Terminal

3) hdiutil compact path/to/fileName.sparsebundle.

4) you will be prompted for your password.

You are done.

Unlike a normal disk image, where a 10GB image occupies 10GB of disk space from creation, Sparse Bundle disk images will start small and grow in size up to the limit you set but do not shrink themselves as you delete files from it which is why you have to compact them. This program simply compacts it for you when you close the disk image.

Disk image size too small now...

hdiutil resize -size 20g path/to/fileName.sparsebundle

This will increase your image size to 20 GB.

If you use FileVault, it makes your home folder a sparse bundle disk image and the OS will compact it for you as you remove files from it automatically. Protect Files is using the same concept. You could use this and save yourself the 15.00 but then you lose the ability to use TimeMachine's fancy space time continuum and will have to navigate your TimeMachine folder like a regular folder.  
(Version 1.0)