This a great option for when you are wanting to test or troubleshoot your save file.
There are two ways to make copies of your saved game.
1. At the Sims 3 Main Menu click the double paper icon, to copy town. It will add a 2 onto the filename. However you can type something else if you want. I put a minus sign between the name and the 2 (T2a-2). Click the checkmark on your copied save to do a test. You can delete it afterwards.
Click images to see larger view:

2. Go into your Saves folder (\Documents\Electronic Arts\The Sims 3\Saves) and right-click your save file and select copy and paste it into the same folder. Windows will give it a name something like mysavedgame.sims3 - Copy