update existing cache data with newer items in django
You ask about "caching" which is a really broad topic, and the answer is always a mix of opinion, style and the specific app requirements. Here are a few points to consider.

If the data is per user, you can cache it per user:
from django.core.cache import cache
cache.set(request.user.id,"foo")
cache.get(request.user.id)
The common practice it to keep a database flag that tells you if the user's data changed since it was cached. So before you fetch the data from cache, check only this flag from the DB. If the flag says nothing changed, get the data from cache. If it did change, pull from DB, replace the cache, and set the flag again. 
The flag check should be fast and simple: one table, indexed by user.id, and a boolean flag field. This will squeeze a lot of index rows into a single DB page, and enables a fast fetching of a single one field row. Yet you still get a persistent updated main storage, that prevents the use of not updated cache data. You can check this flag in a middleware.
You can run expiry in many ways: clear cache when user logs out, run a cron script that clears items, or let the cache backend expire items. If you use a flag check before you use the cache, there is no issue in keeping items in cache except space, and caching backends handle that. If you use the django simple file cache (which is easy, simple and zero config), you will have to clear the cache. A simple cron script will do.
I want to use caching in Django and I am stuck up with how to go about it.  I have data in some specific models which are write intensive. records will get added continuously to the model. Each user has some specific data in the model similar to orders table. 
Since my model is write intensive I am not sure how effective caching frameworks in Django are going to be. I tried Django view specific caching and I am try to develop a view where first it will pick up data from the cache. Then I will have another call which will bring in data which was added to the model after the caching was done. What I want to do is add the updated data to the original cache data and store it again.
It is like I don't want to expire my cache, I just want to keep adding to my existing cache data. may be once in 3 hrs I can clear it.
Is what I am doing right. Are there better ways than this. Can I really add to items in existing cache.
I will be very glad for your help