Here's my 2 cents,
That package is pretty well the EK F/O package. I agree with ANSA, except we have a small family, don't live high-on-the-hog and yet we have struggled to save money.
Goody, with the same family dynamics as you, after 2 years, we've just now been able to save a bit of money. However, we drew money from off-shore for the first year, so we're not even yet.
As ANSA says, it depends on your entertainment choices, but you've got to spend a bit to be happy here. No second car, but I do have a (cheap) golf membership. No Dom Perrignon, but we do go out for dinner twice a month. (Still trying to fine a nice restaurant that provides good value...)
Anyway, I think we're all saying pretty well the same thing. With that package you'll be able to live a nice lifestyle, but may or may not be able to save money. Probably not for the first year...