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The most important aspect of determining what type of tank size fits you and your family's needs is a number called the First Hour Rating (FHR).
This rating tells you how many gallons of water can be heated in one hour's time during your peak hot water usage. Use that rating with an approximation of the hot water used in your home within any given hour of time, and the ending total gives you the tank size for a hot water tank.
Determine how often the hot water is used and how many gallons of hot water are used to calculate peak-hour demand.
For example, if you and two of your kids take showers in the morning, that equates to roughly 30 gallons of hot water. If you shave, you'll use up 2 gallons of hot water per shave. If someone is preparing breakfast, add in an extra 6 gallons for each preparation. If the morning dishes are done by hand, add another 4 gallons. If two loads of wash are started, add 14 hot water gallons. The total for that one hour is 54 gallons of heated water.
In this case choose a hot water tank with a tank size in the range of 50 to 60 gallons on the FHR label.