It's appealing to think that you can find a formula that allows you to balance your life. More importantly, it won't happen over night. And trying to change everything immediately just gives you one more urgent thing to do. Most importantly, keep in mind that balance isn't something you do. It's like riding a bicycle - it requires constant readjustment.
Urgency refers to how quickly action is required.
A ringing phone is a simple example of urgency. Draw a fox with importance along the horizontal and urgency along the vertical lines. Divide your box into four equal parts. The top left quadrant is the high importance, high urgency box. The top right part is the low importance, high urgency quadrant.