I wont say for certain how much fabric you'll need, since everyone is different hights, but i generally go for 2 1/2 yards for myself, and that gives me plenty of extra so it doesn't ever end up accidentally to short, and then theres extra to play with waist band ideas. I am 5'6" and my dress size (sin bebe) is 18. That may help you gauge how much you need.
Once u buy the fabric, the process is super simple. Fold it in half. Make sure you fold along the side of the fabric that stretches. You want to make sure to do this, as the joy of a maxi skirt is being able to sit cross-legged on the floor with your toddler, right? So theres no point if it doesnt stretch!
Once folded, and completely smooth, place your best-fitting maxi skirt on top. If you dont have one, youll have to work out your waist and hight measurements, and just eyeball a good flare towards the bottom.
I use my strait pins to mark the exact width of the skirt, pinning vertically, and across the top so i know where the waist will land once i am ready to hem.
Cut outside the line you've created with your pins. I leave less than an inch, but you can leave more if you're nervous about making it too small! I have done that before, but experience helps.
Leave the hem line long, you'll measure this last.
Now simply strait stitch along your pin line. I usually lessen the tension in my machine to around 3-4, when i am working with stretchy knits. And be sure you are using a ball-point needle! I ignored this important point the first time i ever tried this project, and my needle bunched up the fabric, and tore holes all the way down. Ball-point needle! Joannes has them specifically for jersey knit.
I do a strait stitch down both sides, try on the skirt for fit, and then do a second strait stitch along the whole edge for reinforcement.
Then fold the waist hem over twice. You can do elastic, but im lazy. And use the "for stretchy fabrics" stitch on your machine. Mine looks like a lightning bolt. Check your manual.
After you've done the hem, lay your model skirt and your new skirt on top of each other, adjusting from the top hem. Cut along the bottom!
If you want to finish off the bottom with a proper hem, measure a couple inches extra and fold it under twice. If not, after you cut off the bottom fabric, do a few reinforcement stitches up and down a few inches of each side.
All done!