diff --git a/Makefile b/Makefile
index eefb19f1..ba4ec367 100644
--- a/Makefile
+++ b/Makefile
@@ -23,6 +23,11 @@ $(DEV_STAMP): $(PYTHON) dev-requirements.txt
 	$(VENV)/bin/pip install -Ur dev-requirements.txt
 	touch $(DEV_STAMP)
 
+remove-install-stamp:
+	rm $(INSTALL_STAMP)
+
+update: remove-install-stamp install
+
 serve: install
 	cd budget; $(PYTHON) run.py
 
diff --git a/docs/installation.rst b/docs/installation.rst
index 3cfc578e..785ccc66 100644
--- a/docs/installation.rst
+++ b/docs/installation.rst
@@ -35,6 +35,10 @@ And then run the application::
 In any case, you can point your browser at `http://localhost:5000 <http://localhost:5000>`_.
 It's as simple as that!
 
+In case you want to update to newer versions, you can just run the "update" command::
+
+  make update
+
 Deploy it
 =========