When trying to balance time and space complexity, asymptotic notation can be used to express and compare the growth rate of an algorithm's time and space requirements as the input size increases. It can help to simplify and generalize performance, as well as focus on the dominant factors that affect it. There are three common types of asymptotic notation: Big O, which indicates the upper bound or worst-case scenario; Big Omega, which indicates the lower bound or best-case scenario; and Big Theta, which indicates the tight bound or average-case scenario. With this notation, you can compare different algorithms and select the one with the lowest or most balanced time and space complexity for your problem and constraints. Although balancing time and space complexity is difficult, it is necessary for creating efficient and scalable solutions. Through data structures, algorithm design techniques, and asymptotic notation, you can improve your algorithm's performance and trade-offs.