My 2 suggestions:
1. Skip paying rent and purchase a home. With the housing market down, now is a good time to buy. I also live in SE Wisconsin and there are houses all over where I live (West Bend) for some good prices. My personal opinion would be to look at a price range that will put your mortgage at or below your current rate of rent.
Or 2. Invest the money in some way, shape, or form, for your's and your children's futures. You could always go to your bank and they might have a financial advisor you can talk to.