This couple makes $196,000 combined but wants to save $40,000 for each of their two kids, and do home renovations. What is the best way to save?

Melissa, 36, makes $128,000 a year as a policy-maker and part-time professor and Joe, 37, earns $68,000 a year as a professor and business analyst. Together, after taxes, they take in just under $10,000 a month — but this year it’s been a bit different.