A balance is a tool used to measure the weight of an object. It typically consists of a beam supported at a central point, with two pans on either side. When an object is placed on one pan, the balance will tip until the weights on both sides are equal, indicating the object's weight. In finance, a balance refers to the amount of money available in an account, such as a bank account or credit card. It shows how much money is owed or how much is available for spending. Keeping track of balances is essential for managing personal finances effectively.