Warning: Before updating, make sure that you’ve backed up your code or that you’ve used a Child Theme.
If you are using a free theme from wordpress.org, updating is super easy. As soon as an update is available, it will appear in your WordPress dashboard. Just click update there and your theme will be the latest version available.
Premium themes or themes not hosted on wordpress.org needs other ways to be updated. The approach of deleting your theme and then re-uploading the latest version works, but there are better ways of doing it to not lose settings.
Plugins for updating
This is where plugins come in to play. There are some that makes the updating procedure much easier for ThemeForest themes.
The Envato Market Plugin can be read more about in the link above, same for the Easy Theme and Plugin Updates plugin.
Using Child Themes
When updating themes frequently, it is important that you use a Child Theme for your customizations. Otherwise you risk losing all of your work when you update the parent theme. More can be read into detail here. You can save many hours knowing how to work with Child Themes before it’s time to update.
Saving widget settings
Another area which can take a lot of time when updating is when widgets and their positions in sidebars are reset. To have a better chance of saving them in their sidebars, try the following plugin: