Balance is basically a learned skill which you can improve with practice. It requires a very coordinated tensing and relaxing of your entire body for you to balance yourself in some situations. As you get older and stop using your balance on a regular basis you get out of practice. Luckily there are a few exercises you can do which will help you quickly get back into practice.
If you do these exercises on a daily basis then you should soon start to see improvement. It is kind of like riding a bike, you did it for so long during your childhood you will regain a lot of what you lost very quickly.
This is a simple exercise in which you choose a leg to stand on then stand on it for a predetermined amount of time. When you first start you may need to focus on an object in the room to help you stay balanced. As you get better you will be able to move your head around while standing on a single leg. Just make sure that you get a balanced amount of workout in both left and right legs.
In order to get a good base for how long you should hold it I recommend doing a little test. Start out on your weakest leg. Usually this is the opposite of which hand you use. Then simply hold it as long as you can without straining too much and then see how long you last. Then every single day try to hold it a little longer than that. If things start to get a little too hard then stay at that time for a while before trying to bump it up
You need to start this one out without shoes and possibly socks. Whichever is most comfortable for you. Then you stand straight up and rock back and forth on your heels. With the weight on your heels you will need to focus to prevent yourself from falling backwards. This will help work on your balance and a workout for your equilibrium.
Again you should try to push yourself to do a little better, but the first day should be seeing just how long you can sit on your heels.
This one is super simple, just stand on your toes! This works on your balance a bit, its mainly for those who are having a lot of trouble with balance. But it also helps you with your calf muscles which play a pretty important role in balance as it is, so that is a plus as well.