Should I create 2 different apple ID's for my kids ?

I just purchased 2 16g wifi Mini's for my two daughters. We have 3 active iphones in the house and my youngest has mom's old 16GB 4s phone (4 phones all together). We all share the same Apple ID. Both of my kids use different apps (5 year age difference). Should I create another Apple ID and share it with my oldest daughter and let my wife and youngest daughter continue to share our current ID?
They both are getting $100 iTunes cards, so how can I organize this without one using the others $$$? I own a MacBook also and my wife is getting an Airbook and Apple tv for Christmas.
What should I do?

can I use the same email address for multiple Apple ID's?
My two kids dont need e-mail addresses

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