Yes, there is is: Keep It Simple
No actually, that it only part of the story. Here is the key: come up with a meaningful sentence that you can recall easily.
Here is my recipe:
Step 1: "I cannot remember my password for this site!"
Step 2: Take the first letter of each word: icrmpfts
Step 3: Substitute captials/numbers where it makes sense: Icrmp4ts
Step4: Add punctuation if needed: Icrmp4ts!
This way, you are really recalling a phrase instead of a word or a series of characters. I have a few key phrases I like to use and they have, so far, served me very well.
Thanks again to our Host Sebastian Meine (B|T) and Adam Machanic (B|T) for coming up with this idea in the first place!