How to backup and save your Android apps as apk files

Wouldn't it be a pain if you would have to download and install all your apps from the Google Play store all over again after flashing/updating to another ROM?

Well, here's an easy solution on how to backup and save your apps as apk files on your external memory card or computer so that you can install them whenever you'd like without having to download them again.

Reasons for you to save your apps as apk files:

1. You love the app but think it won't be available anymore on the Play store.
2. You do not have access to Android Market/Google Play
3. You would be rooting your device and installing a custom ROM and may loose all data.
4. A newer version of the app is available and your'e unsure if you'd like it or not.
and a lot others..

Please do not share the apps you backed up with the entire world, that would be piracy. Piracy affects the entire Android community, including you and me.