Children and iTunes/iTunes Store

My kids are getting iPod Touch (4th gen) for Christmas. Should I make them their own accounts with parental controls, or use mine? I really don't want to have to put in my password everytime they want to download. They will also be given gift cards for holidays and things like that every once and awhile, but for the most part will be downloading free apps. What is the best way to go about it? My oldest is 12 and my youngest is 8. What are your thoughts or suggestions?