How to get a balance between not running out of time and not making blunders?

Hey, I am a beginner who has been playing chess seriously for about 5 months and I have a problem which is making me lose games.

Whenever I play too slowly and try not to blunder, I ran out of time.

Whenever I play too quickly and try not to timeout, I make so many basic blunders

Any advice on preventing these problems?

Play more and more games, and then you will make good moves faster.

Always check your intended move is no blunder before you play it. This will save you many losses and does not cost much time.
When you lose on time, is it in a won, drawn, or lost position?
If you lose on time in a lost position, then you gave it your best effort, but you were beaten fair and square. analyse your game.
If you lost on time in a won or drawn position, then look which move cost you most time. Was it a good move? Could you have found it faster?
It is better to be low on time in a won position than in a lost position with plenty of time on your clock.
It may also help to play with increment.

Whenever I lose on time I am virtually always in a won position (like up 5 points in material) because I think for long and try to avoid playing bad moves. This happens in bullet and blitz a lot.

Don't play bullet and blitz when still a beginner. Practice and learn the game at slower time controls, and then gradually get faster as you master the game.

Think about it as learning a subject for the first time. Initially, you take as much time as you want for the homework problems to digest the subject, and then as you master the subject you get faster and faster naturally.

I'm still at the point where I could either play fast or well, but not both at the same time.