Apply this example to make a snow text effect perfectly.
New File: Take a new black background document.
Write text: Choose Horizontal type tool (T key) and make formatting to write text as here.
Circle shape: Take a new layer and give name "circle" layer, choose "White" color and Ellipse tool (U key) and draw a circle.
Ripple effect: Go to Filter menu > Distort >Apply Ripple.
You will get it.
Press Ctrl + T and decrease size.
Now click on the toolbar, you will get this position.
Change layer settings: Select "circle" layer and change the layer setting.
This is your final result.
Recommend the tutorial