I installed the update, but I’m not sure if I’m supposed to save it over the old version, or as a new file itself? If I delete the old version, will I lose anything? I’ve never done an update before, so I’m pretty clueless.
If you are updating a previous version 2.x, you should be able to just install over the top of the previous version, though that may give you a double entry in the Windows Control Panel “Software” section. My recommendation would be to uninstall the old version first.
If you are upgrading a version older than 2.0, you should definitely uninstall the old version first.
Upgrading “should not” lose anything, though as always, best practice is to keep backups of anything important.