Where to begin?

To give you some information about me, I am currently a college student with about $40000 worth of loan debt. I started a business that has been my main source of income. I make about as much as I would have with a starting salary coming out of college. I own a car (and a car payment), have to pay my own grocery, insurance and utility bills, etc. I am repaying some of my loans and watching some others grow exponentially. I would like to spend money on some entertaining things, but it's hard to find the balance between being responsible and being cheap. After all, don't we have the rest of our lives to pay back our debts?