Although theories of cognitive consistency have received much empirical attention, little research has investigated the impacts of inconsistencies on people's relational and personal well-being. Drawing on balance theory (Heider, 1958), the present investigation examined the relations of imbalance (i.e., the extent of attitudinal discrepancy with close others) and imbalance reduction strategies to well-being and the moderating influence of self-monitoring (Snyder, 1974). It was hypothesized that discrepancy with close others regarding important attitudes (e.g., core values) would have negative effects on relational and personal well-being and that self-monitoring would moderate these relations. Participants completed the Self-Monitoring Scale, assessments of attitudes from the standpoint of self and close others (e.g., friends, romantic partner), and measures of relational (e.g., closeness, communication quality) and personal well-being (e.g., life satisfaction, anxiety). Across multiple studies, discrepancy with close others regarding the favorability of core values was consistently related to less relational and personal well being. This pattern was particularly true of romantic relationships and friendships and was moderated by self-monitoring. For low self-monitors, greater value discrepancy with friends and romantic partners predicted less relational and personal well-being, and the relation of discrepancy to personal well-being was partially mediated by relational well-being. For high self-monitors, greater value discrepancy with romantic partners predicted less relational well-being, but did not predict personal well-being. Additionally, the use of direct discussion as a means to address imbalance was related to better relationship functioning and greater well-being, whereas avoidance was related to negative outcomes. Results suggest that balance processes are important for close relationships and psychological well-being. Furthermore, individual differences in self-monitoring meaningfully moderate these processes.