You should also consider topping up her Special Account if you are in a nonzero tax bracket and if you can afford it. That would provide you (and thus the household) with tax relief. As long as her income is below $4,000 you should be eligible for that tax relief.
I should have mentioned that if her income is substantially higher -- if she's in a nonzero tax bracket -- then it makes sense to give her the $7K to top up her own Special Account (and more if she can top up her own Medisave Account with tax relief) so that she can claim her own tax reliefs. You described her as a "homemaker," but it is possible for homemakers to have substantial taxable incomes.
As a simple "rule of thumb," it's a good idea to take advantage of whatever tax reliefs you and your spouse can, first. Then you can decide whether other steps have merit. For example, if you are in the 15% tax bracket, and if she has less than $4,000 of taxable income, then you could top up your own account ($7K) and hers ($7K). That'll cut your income tax bill by $2,100. You can then transfer the funds over your bonus interest limit into her account, to boost household bonus interest. Medisave top-ups may also be possible, but I wouldn't make those first unless you can also claim some tax relief on them. Once you've both hit the bonus interest maximums then you can return to "business as usual" (with top ups to claim tax relief if you can do it). If you cannot afford $14K top-ups then some tax relief is better than none, so consider a lesser amount. In this scenario, I'd probably top up her account first, before yours, since she can still get bonus interest.
There are some other ways spouses can financially optimize between themselves, but this is one good, important way (CPF).
As a reminder, since you have dependents, if you cannot self-insure (most people cannot) then it's a really good idea to protect their financial futures with three forms of insurance, in adequate amounts: simple term life insurance, disability income insurance, and medical insurance. Life insurance pays a benefit to survivors upon death; term life insurance means that the coverage extends to a specific age or date, usually something like age 60, to give you enough time to build retirement savings and self-insure. Since there's a maximum policy age, and since most people live longer than that age, term insurance is much more affordable. Disability income insurance means that the household receives a monthly benefit for as long as you cannot work (and generate an income), as the policy defines it. Some "life insurance" policies include limited coverage for such events, but in Singapore's insurance market it's best (in my view) not to confuse or combine the two -- that they are separate products, even if the same carrier issues them. One caution on the disability income insurance is that, last I checked, only one carrier will pay benefits if you happen to be working/staying outside Singapore. Medical insurance is "interesting" in the age of MediShield Life and Medisave Accounts, but I think the upgrade to an Integrated Shield "B1" public hospital plan is worth it. (And maybe "A" if you can afford it.) Whatever you decide, having adequate medical insurance helps make sure, if at all possible, you stay healthy (and productive) and don't break the bank in the process. Your employer may or may not provide some or all of these insurance coverages, to some degree, as long as you're employed.
If you've got those "big three" bases well covered I think you're doing better than most.