Balance as a (noun) means a state of equilibrium, equal distribution of weight, amount, etc. where as balance as a (verb) is to bring to or hold in equilibrium; poise or to arrange, adjust or proportion the parts symmetrically.
When something becomes off balance it doesn't feel good. There is an unsteadiness, a feeling of instability. Imagine when you experience high or low blood sugar, you need to work to maintain that balance of sugar and insulin in your system.
A good application of balance is in that it brings a roundness - completeness to your life. For you data geeks imagine a doughnut chart. That doughnut chart displays the different components that round it out, you would like to see an even distribution of the categories within in that doughnut chart, the same is true in life, to bring balance to your life.
Another way to look at balance is to look at it as a tire. If you mapped out all the areas you are pouring into on a daily basis or weekly basis, are those components enough to keep your tire full of air and fully rounded or do end up with a flat tire? You may be kicking butt at your job and budget, but your exercise and workouts are non-existent, that would cause an oblong shaped tire or doughnut. You can't get too far with a flat tire in life.
Balance is something I have been striving for since recovery from pancreatitis. There balance with my health for sure. Being Type 3c diabetic, I have to keep my blood sugar balanced every single day. I am balancing my sugar to protein intake. I am also balancing my time between friends and family, work and home, hobbies and homework. This desire for balance in my life has brought about a calm - steady equilibrium if you will.
The flat tire has helped me tremendously over these past years of recovery and healing. I take inventory in my tire at least every other week and determine where I need to round out and it helps to remind to always keep pushing through.