You can see the result image here:

1.

First start by making a new document, now make a background that will suit the text.

I started by filling the background with #e98dd3 then adding in this scanline pattern twice.

After adding in the scanline, lower the opacity and change the layer mode to either Soft Light or Overlay.

I also added a few effects to the background layer. Firstly, merge the layers together then go and apply Filter > Noise > Add Noise, then Filter > Render > Lighting Effects with the light type set as Omni.

2.

Now you need to write out your text. First get the Horizontal Type Tool and write out your text in a dark purple color (#b5406f).

The font used in the above image is called VAGRounded BT, you can download it from here.

3.

So, after you’ve written out your text, right-click the text layer in the layer’s palette then go into the Blending Options, use the following options:

• Drop ShadowThe color used for this Drop Shadow is #ffffff.
• Inner ShadowThe color used for this Inner Shadow is #ffffff, also, pay attention to the Contour under Quality.
• Outer GlowThe color used for this Outer Glow is #fac1f3.
• Bevel and EmbossPay attention to these settings and you’ll get the effect shown.
• Bevel and Emboss — ContourDefault Contour settings.
• Gradient OverlayBlack to White gradient, Soft Light, 40%.

After applying all of those layer styles you should have text that looks like this:

4.

Unless you want to apply some post-effects (like I did), you’re finished with this tutorial!

To finish the image off, I merged all the layers together, applied Filter > Noise > Add Noise then Filter > Render > Lighting Effects.

If you couldn’t seem to get something right, you can of course download the PSD file from here.