You may fail to extinguish the fire using an extinguisher (20-30 seconds). The alarms should be screaming and hopefully the children have been taught to get out now and how.  A few practice fire drills in the home are a minor time demand and may actually alert you to potential problems you should correct. Do you have flash lights and spare batteries easily available? Not all fires occur during daylight hours. Put them where they will be accessible. If possible, crawl bellow the smoke level in the building. Have out door clothing accessible during winter and foul weather.  It is important to keep all clutter out of aisleways.