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This is a great question. Time management is so important in college, but with good time management, it's definitely possible that you could do well in all of your endeavors. While I was in college, I participated in multiple clubs, worked 2 jobs, and took the required number of courses each semester. It wasn't easy, but by keeping a weekly schedule of all of my priorities, I was able to succeed. Every Sunday, I would write down my plan for the week and take a look at any homework assignments that were coming up in the next few weeks. It's important to find a few hours a day that you can devote to studying/doing homework. Finding your favorite place to get this work done is very helpful and getting into a routine comes naturally if you start to form a habit.
Work-life balance deeply depends on the individual. Most post college graduates still struggle with balancing schedules. The truth is you need to evaluate your priorities.
College is foremost a time for learning. Yes, it is fun. Yes, there are loads of extracurricular activities. Yes, you have to work for money. Nevertheless, college is about learning life long skills. Balancing your activities, work, and education is perhaps one of the most important skills you will learn and have to adapt while at college.
When you enrolled in college you made a choice for your potential major. This choice is setting you upon a path that whittled out numerous less relevant courses for you. Likewise, you need to make choices on what works with your course schedule when it comes to extracurricular activities. Do not over commit. Being in everything sounds awesome, but will leave you tired. You will enjoy everything far less. Think about it this way. If you have ice cream once in a while, it is AMAZING! However, if you have it every day it just becomes okay. Less can be more. Commit to the activities that you will enjoy and enhance your college experience. Then when you have education and fun balanced, throw in work. Is there time left? On campus jobs can be a great starting point for employment. They typically are more flexible with your schedule since your employer knows you are a student. This can allow you to work less hours, study the right amount, and still attend extracurricular activities.
Finding that balance is up to you, but remember you are going to college to learn. So learn and adapt.