Step 1 — get rid of that car payment, by hook or by crook. That’s $7200/year there and in your tax bracket that means you probably had to earn at least $10000 worth of salary just to make those payments. Take half of that amount, $5K and buy a used Honda. It will last you for years and you will have just given yourself a $10K/year raise.
Step 2 — start a home-based business for either yourself or your wife. What do you guys enjoy doing? Try to figure out some way to earn a little extra income out of it. It doesn’t have to be a lot, because the real reason for this is that you can deduct a portion of your rent as office space for your business. Phone bills, internet, water, electricity, etc… you can write a portion of all of them off. Don’t do anything illegal of course, but if you can come up with a legitimate business for yourself then by all means do it.
Step 3 — Look into tax-free medical and educational savings accounts.
Step 4 — are you maxxing out your 401K? If not that’s the fastest way to both improve saving for retirement and lowering your tax burden in one fell swoop.
Step 4 — save your money and wait for the inevitable collapse.
Please note that I am not a professional financial advisor — although I play one on TV. Caveat emptor. Your mileage may vary. I’m not responsible for any bad advice, etc…