He's trying to keep his work life and his family life 'in balance'. = He's trying to keep his work life 'in balance with' his family life. [=he's trying to give a proper of amount of time and attention to both his work life and his family life]
The discount 'balances out' the shipping charge. = The discount and the shipping charge 'balance' each other 'out'. [=the shipping charge and the discount together equal zero]
He needs to achieve/create/strike a better 'balance' between his work life and his family life. [=he needs to spend less time at work and more time with his family]
(..) You didn't gimme no fries. I got an empty box. Would you like another Extra Big-Ass Fries? I said I didn't get any. Your balance is zero. - What? Oh, no. No! - Please come back when you can afford to make a purchase. I'm sorry you're having trouble. - Come on! My kids are starvin'. (..)2006 Idiocracy