I'm finally playing again.
I tried classic, but it's just too damn annoying, and yes I'll admit, I must not be good enough for classic. I was doing okay on the combat part. But how is it fun missing like 8 shots in a row? Yes I realized most of my guys were rookies and squaddies, but it's lame. I missed 6 shots in a row at 48% chance to hit. Ridiculous. The combat I can handle (except one bomb mission, I didn't have my guys properly spaced right when I finally deactivated the bomb), but I struggled at base management. Specifically money management. I didn't have money for anything, nor alien alloys. I needed a down ship (where presumably I could find some alloys), but all I got were abduction missions.
Unless you really need to take the chance, it's not a great idea to try shots at less tan at least 60% chance to hit - if you were making 8 shots in a row at that chance, it suggests you weren't moving enough. XCOM is a game of positioning; get close to or above your enemy, and where possible flank them to get the best chance to both hit and score critical hits, and also make use of the differences in weapon type (some are more accurate at different ranges).
If you have a 48% chance to hit the alien is probably in cover, so use overwatch. That triggers when an alien moves out of cover, so they'll never get a cover bonus against overwatch fire and you will usually have a better chance to hit them (just make sure the alien can't see you when you go onto overwatch - otherwise it will usually just fire without moving, and you won't get to take an overwatch shot).
As far as money goes, you need to focus on getting engineers (which reduce the cost of items and satellites), and you need to sell alien artefacts when you can. UFOs are good for loot, but you get alloys from any mission, and can get money rewards from abductions and Council missions.
There are also strategies that limit the rate at which panic grows. Focus your missions in areas where you don't immediately want to build satellites, particularly Europe and Asia (the continents with 4 funding nations each). You can allow panic to rise in Africa or South America on the assumption that you'll want to put satellites up there ASAP (for the bonuses) - as long as you can finish a satellite (and uplink) before the end of the month comes, you'll be able to keep those countries. The way I play, I can typically afford to lose North America if necessary.
I had to change the difficulty to normal. It just wasn't fun on classic. But I'm still recovering from that terrible start, and lost like 5 countries from the program. Hopefully I can recover and win this game. I'm finally starting to get my money situation under control. Although I still have no money for foundry or officer school upgrades. In the beginning, I just wasn't getting the missions I needed. I'm not playing Ironman, but maybe next game I'll play normal iron man. Classic is just not fun for me.
The fun in Classic is the dynamism of tactical play, and the fact that you do need to make use of the surprisingly wide range of options your soldiers can call on to succeed (you'll never truly appreciate the value of, say, grapples on Normal). Straight-up firefights tend not to be fun after a while on any difficulty. Someone on the 2k forums had a nice summary:
Normal = both sides are equal in a straight firefight
Classic = the aliens have the advantage in a straight firefight and you need to play to tip the odds in your favour
Impossible = you have to play dirty.