I have four kids (10, 8, 5, 3)
We use the Reformation Heritage Study Bible and I open with prayer, read a sufficient amount of text (sometimes a couple of verses, sometimes a chapter, it depends on some factors), we discuss the text with application, then do catechism, sing a psalm or two, and close with particular prayer requests.
I'd say we usually run 10-15 minutes max on a normal day. Like I noted, that is the basic "formula" we use.
So book wise we use the RHB and pocket editions of the 1650 Scottish Psalter.