There is no right or wrong way to find the right balance, you just find it. The formula for me might not work for you. The good news is that by finding this balance, it will prepare you for finding balance in other areas in your life as you age. Many stages of life are a balancing act. After you graduate you will need to find balance between school and a social life. Same as now, but without mom governing over you. It's tempting to party instead of studying. After that it's between your job, and your social life. Should you go out and hang with people when you have to get up early for that presentation at work. Then after it will be between family, work, a social life, and hobbies. And on and on and on....
Study when you need to but balance that with things that make you happy. If you have to, schedule time during the week to follow your passions.