Balancing is important in Chemistry because it ensures the Law of Conservation of Mass. There must be an equal amount of atoms on both sides of the equation in order to follow the law. Furthermore, an unbalanced equation does not give us all the information that we may need such as how many molecules each of the reactants have, and how many molecules were produced in the reaction. 

The concept of balancing can be applied to daily life by balancing our personal life with our study or work life. With a balanced life we get to be happy and we do not get overwhelmed because personal problems and work issues do not clash with each other making it easier to plan out our days as well.

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