Congratulations, it has to feel good to get a $30k raise on top of what you are making now.

I agree with all the advice you've gotten, but as someone 10 years older than you with a wife and kids I would advise that you take some (not all) of that raise and set it aside for something special for you. I got a promotion last year with a healthy bonus so I got courtside tickets to a basketball game for me and my dad. Whatever it is, I would suggest being financially responsible with 80-90% of the bump up and doing something for you with the rest