Updating your current password is easily done – the problem is in making it secure.
You will notice that a small meter will display the complexity of your password; the longer and more random the password, the more secure. But how do you make a secure password?

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There are various ways of doing this. You might utilize a web-based password generation tool such as that found at
http://strongpasswordgenerator.com/ - but these tools have a slight disadvantage – the passwords are pretty tough to remember.
While the passwords from Strong Password Generator are accompanied by a useful hint system:
Your new password:
5Y372T2T1T9FHjs
Remember your new password as:
5 YANKEE 3 7 2 TANGO 2 TANGO 1 TANGO 9 FOXTROT HOTEL juliet sierra
…they’re still pretty tough.
Remembering the password and changing it regularly is more important than forgetting the password – you need to be accessing your account at least semi-regularly to ensure that no one else has gained access to it.
The best thing to do is find a happy medium. Strong Password Generator will allow you to alter the length of the password, so you might keep it shorter, or perhaps add a favorite word or song-title onto the end of a small random string.
Choosing a password is tricky. While a browser-based password manager might remember it for you, this might not be wholly useful with a system such as Windows Live, where many different services are accessed with the same password.