I think if you both can't afford new bows you should buy one for your wife. The old bow will still kill deer fine, even if you want a better one. I use primitive bows which are much slower than that compound and they still kill fine.
My daughter has a Hoyt Ignite and its is adjustable in weight and draw length. She started at 40# and has got up to 42# and wants to be 45# when she can. I would suggest you get her a bow similar to this as the one you have fits you, but not her. Then later get yourself another bow.
I shoot instinctive and it takes a lot of practice and I mean a lot!! Its second nature to me now, but a new archer without an experienced archer to help can be very frustrating especially when you are using sites on a compound and driving tacks and she's struggling to even hit the target.
Go to Macrotech in Glen burnie. It might be a bit of a drive but its a great shop. Get some better advice from Len and see what you can afford for her.
http://www.macrotecharchery.com/