How do you balance spending and saving?

I have been making an effort to be a responsible adult as far as money goes now that I am finally in a place in my life where I can save a little bit.

I have done okay, but not great, and have a little bit of money saved up. My expenses are minimal, I have everything I need, and the only things I really waste money on are running gear and races.

I decided recently that I would like to take a trip this summer, probably to somewhere far away and expensive, but it also is completely counterproductive to my savings goals.

So how do you balance the two in your life? Can I take this trip if I try to do it as cheaply as possible?