Thanks guys for all the responses!
Tikka T3 Lite 243
Oh, something I forgot and realize I should have mentioned. My wife is 5'8 and hauled around an old 7mm mag last year, so the "compact" versions of these rifles may not be necessary.
I would take a hard look at the TC Venture, probably a .25/06 but it comes in several good calibers and has MOA accuracy guarantee. Around here they are under $400.00. The Marlin and Stevens guns are a little cheaper but don't have the accuracy guarantee, I have heard good reports on both though.
Remington 7mm-08 in a youth model. Very compact, light, and little recoil for the capabilities of the rifle. Then I couple that with a Remington Managed Recoil 140 gr. PSP for my son, we both love it as I think you all will too!
My top 2 would probably be .243win or .270win
I'd take the 270win over the 25.06
I'd check out the ballistics of the 6.5 creedmoor, it looks really efficient getting excellent velocity for the powder charge. A Savage in this chambering would be my pick for a womens/kids rifle today. Anything between the 243 and 270 would be good, but the 6.5 would be my pick. Also the tang safety of the Savage is harder for a new shooter to bump into the fire position accidentally than the remington style safety on the Tikka, TC, or Remington.
Just a thought, but maybe it would be worth thinking in terms of a rifle she can hunt any big game with. Do you think she might hunt elk some day? If so, it would be hard to beat a .270 or a 30-06. My family has killed everything from blacktail and antelope to moose and grizzly with a .270 with the proper bullet for the job. Familiarity with one gun will go a long way.
Personally, a few years ago I began to hunt all big game with one rifle (300 WSM). My familiarity and confidence with it has really paid off. The rifle is well ported and is surprisingly easy to shoot. My wife began to hunt a couple years ago and began with shooting my rifle. She has taken an antelope at 265 yards and a mule deer at 310 yards. Whenever I bring up the subject of getting her her own rifle she says likes mine so much she just wants to keep using it when she's the shooter.
A Savage in 25.06 bolt action and a 110grain Nosler Accu Bond.
I think the 270win is as good of an all around cal as anything. I would recommend a bolt action. I would certainly look around at used guns since your on a budget. All of the major brands are quality rifles. A lot of it is personal preference and also what you can find a good deal on especially if you are looking used.