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Balanced sequences and balanced codes have attracted a lot of research in the last seventy years due to their diverse applications in information theory as well as other areas of computer science and engineering. There have been some methods to classify balanced sequences. This work suggests two new different hierarchies to classify these sequences. The first one is based on the largest $\ell$ for which each $\ell$-tuple is contained the same amount of times in the sequence. This property is a generalization for the property required for de Bruijn sequences. The second hierarchy is based on the number of balanced derivatives of the sequence. Enumeration for each such family of sequences and efficient encoding and decoding algorithms are provided in this work.