You could always live off KD and spend the savings on Consoles and games.
I bought every single console myself (Elite 360, 80GB MGS PS3, Wii, PSP, DS, iPod Touch 2nd Gen). I bought them all over the course of 1.5-2 years, but it was affordable. However, having kids is an impact, me and the wife don't have kids, so I can afford my "toys" as she calls them.
I will say this though. If you have kids, save up and buy at least one console, that way your kids can enjoy it, and you have an excuse to buy an occasional game that you may like.