You'll want to set parental time limit for their user accounts. If you don't have UAC enabled, definitely activate it and then assign your children specific login IDs.
Here's how to set the parental control on a standard user:
1. Make sure you are logged in as the administrator of the computer.
2. Got to the Control Panel.
3. Under User Accounts and Family Safety, click set up parental controls for any user.
4. If prompted, (type your password and) select Continue.
5. Click the account you want to add parental controls.
6. Set your desired time limits.
7. Block out the time you don’t want the account to be able to login.
8. Confirm with
Ok.
I believe the way it works is that once the time limit is reached, the computer will automatically log them out. It will not shut off the computer, though.
For more info, visit Microsoft's website page on
Parental Controls. They have a video there to guide you through the process.