How to Update a Netgear N300 Router?

I’ve been noticing some connectivity issues with my Netgear router lately, and someone suggested that updating the router firmware might help. However, I’m not entirely sure how to go about it.

Do I need to download the firmware manually, or is there an automatic update option within the router settings? Also, are there any precautions I should take before updating, like backing up the current settings or resetting the router afterward?