This is an excellent question. Balancing college and work is possible but you need to be very organized and you need to look at all your options realistically to determine if this is possible. This is one possible way to approach the question:
Start out by making a list of your goals regarding college and your time commitments. I am going to college to become a _______________ in order to do ________________________ or become _____________________ in the future.
This statement will help you decide if a job helps or hurts this long term goal.
Then, start by collecting information to make a decision.
1) Make a schedule and mark all your school requirements in your favorite color (green). Be sure to include homework time, labs/study group, exams, and midterms. Doing well in school is so important, but I understand if you need to earn some money too.
2) Now using another color (yellow), schedule time for stuff you need to do like sleep, laundry, cooking/eating, commuting to school, etc. You can estimate this or keep track of it for a week. Be realistic. This takes more time than you would think. Are there some things you can do to can organize to cut down this time or be more efficient?
3) Now use a third color (purple) to look at the time you spend doing fun things: reading, social media, seeing your friends, going out. It's important to save some time to have fun but there may be some hours in here that you could use to consider a part-time job. Be realistic about how much time a job might take, the hours you would potentially work, and the trade offs. Ask yourself if you really need the job, what is the time commitment, does it take too long to get to the job. Make a list of the pros and the cons. Look at your schedule with and without the new job. Then talk to a friend or mentor that is really good at time management and present your reasons why you think it is a good or bad idea. Try to argue both points of view.
Balancing means considering creative options: there are many types of jobs that you can do on campus that might cut down on commute time or actually help you with your major. There are also grants and fellowships you can apply for that will provide money to go to school. You might consider tutoring or something flexible. There are also internships or career specific activities like student teaching, research, coaching, mentoring, etc. that will be in your career field, provide experience, and give you a chance to earn some money. Talk to your teachers or the career center about some of these options.
The most important thing is don't over commit or stretch yourself too thin. Your primary goal is to get through college with good grades. You can talk to other students in your classes or upper classes that have had similar experiences to you to see what they did. Often you can gain important insight by asking others about their experiences.
College is about balancing different aspects of your life and gaining experience. It may be that based on your course load you will have to adjust each semester because some courses are easier than other.
I have confidence that you will weigh the pros and cons and look closely at your schedule to decide what works best for you. Also realize this is just one way to look at making a decision. You might come up with a completely different way that works for you, and that is totally okay :) !