We consider a notion of balanced metrics for triples (X, L, E) which depend on a parameter alpha, where X is a smooth complex manifold with an ample line bundle L and E is a holomorphic vector bundle over X. For generic choice of alpha, we prove that the limit of a convergent sequence of balanced metrics leads to a Hermitian-Einstein metric on E and a constant scalar curvature Kahler metric in c(1)(L). For special values of alpha, limits of balanced metrics are solutions of a system of coupled equations relating a Hermitian-Einstein metric on E and a Kahler metric in c(1)(L).