diff --git a/README.md b/README.md
index e882ab363b..28ec201794 100644
--- a/README.md
+++ b/README.md
@@ -8,6 +8,13 @@
 $ npm install --save-dev babel-preset-meteor
 ```
 
+## Updating dependency versions
+
+```sh
+$ cd path/to/babel-preset-meteor
+$ npm run update-versions
+```
+
 ## Usage
 
 ### Via `.babelrc` (Recommended)
diff --git a/package.json b/package.json
index 7c0c3e080b..8bc0481187 100644
--- a/package.json
+++ b/package.json
@@ -6,6 +6,9 @@
   "license": "MIT",
   "repository": "https://github.com/meteor/babel-preset-meteor",
   "main": "index.js",
+  "scripts": {
+    "update-versions": "bash scripts/update-versions"
+  },
   "dependencies": {
     "@babel/plugin-proposal-async-generator-functions": "^7.7.0",
     "@babel/plugin-proposal-class-properties": "^7.7.0",
diff --git a/scripts/update-versions b/scripts/update-versions
new file mode 100755
index 0000000000..275f143649
--- /dev/null
+++ b/scripts/update-versions
@@ -0,0 +1,15 @@
+#!/usr/bin/env bash -eux
+
+cd $(dirname $0)/..
+
+npm i $(node -p 'Object.keys(require("./package.json").dependencies).map(d => d + "@latest").join(" ")')
+npm i --save-dev --save-exact @babel/core@latest
+
+git add package.json
+git commit -m "Update eligible dependencies to latest versions."
+
+git rm -f package-lock.json
+rm -rf node_modules
+npm i
+git add package-lock.json
+git commit -m "Update package-lock.json."