To adjust the top and bottom tensions with less hassle - get two colors of thread, a piece of plain woven cotton muslin (not the same color as either thread), and a new needle sized to the muslin (probably around a 10 or 12 with a sharp point).
Change the needle. Use one color of thread on the top (needle) and fill a bobbin with the other color. Get the machine ready to sew but don't have the bobbin & bobbin case in the machine at first. Set a medium straight stitch (10 to 12 stitches to the inch). It's a bit of prep work, but it simplifies following the other instructions. Set the top tension to the middle number on the dial (5 if it goes from 0 to 9), so that you can start at the "average" tension.
Thread the machine with the presser foot up and "floss" the thread into the tension disks. Depending on whether you have a horizontal or a vertical bobbin case - you may have to remove two screws to get the plate off the sewing machine to get the bobbin case out of the machine, so that you can adjust the tension screw on it. Top tension is easier - but the bottom tension will really mess up the stitch if it hasn't been adjusted in years......
Take the bobbin case out of the machine and put the bobbin in it. Take four quarters and tape them together. Get a fifth quarter and set it where you can find it. Tie or tape the bobbin thread end to the four quarters. Hold the bobbin case so that the thread would feed the same way that it would in the machine, setting it on the edge of the table where the bobbin will NOT fall out but the thread can unwind as if it were feeding through the machine. This may take a bit of experimenting. A horizontal bobbin case can be held down with one hand while the other is free to mess with the quarters.
No pressure on the bobbin, just the case, so it doesn't fall off. Pull the thread through the little clip with the spring that puts pressure on it when it is sewing.
Drop the quarters (tied to the thread). If the thread feeds out fast - tighten the spring on the clip until it barely feeds any thread (about a hand's breadth - three to four inches) - the spring is too loose if the quarters land on the floor. Get the fifth quarter and add it to the short stack of taped together quarters.
Now drop the quarters (still tied to the bobbin thread) off to the side while holding the bobbin case down so that the bobbin doesn't come out and the case doesn't fall on the floor. It should feed enough thread that the quarters stop just short of the floor (the correct tension is just between four quarters and five quarters in weight). Adjust the spring tension about 1/8 of a turn to the right to tighten and 1/8 of a turn to the left to loosen - usually you want to adjust it a little at a time, because it is too easy to loose the tiny screw if you loosen it too much!
Now that the bobbin case is tensioned close to correctly - put the bobbin case and bobbin in the machine.
Run a line of stitches along the light colored muslin. Try to pull either thread out. If it pulls out easily, tighten the top tension to 5.5. If it won't pull at all or the thread breaks, loosen the top tension to 4.5.
If it is loopy on one side, that side is a lot tighter and the thread coming from the other side is too loose.
Once it is "right", it should be all one color on the top, the other color on the bottom, and if you have two layers of fabric - you can pull it apart and see tiny two colored knots of thread between the layers of fabric.
To really fine tune it, take two squares of fabric, place them together, and stitch from one corner to the diagonal opposite corner. Take it off the machine (do not clip the end threads too close to the fabric) and pull on the corners. Any breaks in the stitching should be at about the same time, if you
ve got the tension really close to being balanced. If it breaks on one side but not the other - tighten the side that didn't break.