Setting up Apple ID's to share a common library

I have a single Apple ID that I've always had as our single ID for me and my two daughters.  When they were young, they didn't need one and as they became teens, having a single ID where I new the password allowed me to control their purchases so they didn't download (buy) lots of songs/apps on my credit card.  We've also shared a common library across our various devices.
This isn't working anymore.  It's too restrictive and with iCloud we're getting all sorts of strange sync issues. 
What I would like to do is setup an Apple ID for each of my daughter's, still share the library and have control over what they can spend since it would still be on my credit card.  I have no idea how to go about doing this.  Would love any suggestions.
Thanks.

Yes, you can still share that Apple ID for all of you for the itunes store. You should make seperate Apple IDs for the purpose of the cloud. Just make sure in Settings > iTunes & App Stores that the old Apple ID is there and in Settings > iCloud, each daughter has their new account (Apple ID) present.

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