Any way to "throttle" wifi hotspot output?

so i recently got a 1st gen Nexus 7 and we dont have home broadband so just wifi tether from my phone which works great. The only thing is it works "too well" lol.
When my wife is using the tab and im usin the phone it seems to suck away all my bandwidth.
Is there an app i could either put on the phone (rooted) to set the bandwidth it gives to the hotspot or on the tab (soon to be rooted) to set the bandwidth it recieves? Thanks peeps :beer:

 

Ahh, hadnt thought of that tbh because i get free tethering. Thanks mate. Ill take a look at foxfi as thats the well known one