How do I preserve application data/cache on device/emulator between deployments?

Preserve application data/cache on device/emulator between deployments

Xamarin Studio Users:

Xamarin Studio -> Preferences -> Projects -> Android

Check/ Uncheck  - Preserve data/cache between application deploys

Visual Studio Users:
Tools -> Options -> Xamarin
Check/Uncheck - Preserve application data/cache on device between deploys

*If Xamarin option is not available then click on Show all settings check box in Options window