Will your part-time job cover your costs?
See how much you'll save from part-time work over the years of your course — and whether it covers your living costs.
Calculator educationLogic updated April 2026
This calculator projects how much a student can save from part-time work during a course. It accumulates earnings year by year, subtracts living expenses, and applies interest on the running balance — so you can see whether your part-time work covers your costs or builds genuine savings beyond them.
How this is calculated
Formula
annualEarnings = hourlyRate × hoursPerWeek × weeksPerYear ; annualSurplus = annualEarnings − monthlyExpenses × 12 ; balance(year n) = (balance(n−1) + annualSurplus) × (1 + interestRate)Step-by-step
- Calculate annual earnings: hourly rate × hours per week × weeks worked per year
- Calculate annual living expenses: monthly expenses × 12
- Annual surplus = earnings minus expenses (negative when you're spending more than you earn)
- Each year, add the annual surplus to the running balance
- Apply annual interest to the year-end balance
- Track the schedule so you can see how the balance evolves over the study years
- Rounding mode
- ROUND_HALF_UP
- Precision
- 20-digit internal precision (Decimal.js), rounded to 2 decimal places for display
- Logic last reviewed
Assumptions & limitations
What this calculator assumes
- Hourly rate is the user's take-home estimate — no deductions are applied
- Earnings = hourly rate × hours per week × weeks worked per year
- Living expenses are constant month-to-month
- Annual interest is applied to the year-end balance once per year
- Internationally neutral — no jurisdictional tax, retirement, or benefit calculations
What this calculator doesn’t account for
- Doesn't model variable hours (term breaks vs term time)
- Doesn't include taxes — the hourly rate is treated as take-home
- Doesn't account for shift loadings, overtime, or commission
- Doesn't include any government student support or rent assistance
- Doesn't model the academic impact of working too many hours during study
Worked example
A student works 15 hours/week at $25/hour take-home during a 3-year course, working 48 weeks/year, with $1,800/month of living expenses, earning 3% on savings.
| Input | Value |
|---|---|
| Hourly rate (take-home) | $25 |
| Hours per week | 15 |
| Weeks per year | 48 |
| Monthly expenses | $1,800 |
| Savings interest rate | 3% |
| Study duration | 3 years |
Annual earnings: $18,000 — Annual expenses: $21,600 — Annual surplus: -$3,600 — End balance: ~-$11,300
$25 × 15 × 48 = $18,000 a year — covers most of the $21,600 of annual living costs but not all of it. The student runs a $3,600 annual deficit, which compounds over 3 years to about -$11,300. This is realistic for many students: part-time earnings typically cover food and a portion of rent but rarely the full lifestyle. The shortfall has to come from savings, family support, or loans. Bumping hours to 20/week would give annual earnings of $24,000 and turn the deficit into a $2,400/year surplus.
Frequently asked questions
How much can part-time work offset education costs?
Typically 30–60% of living costs and 0–20% of tuition for a full-time student. At realistic part-time hours (15–20/week), most students cover food, transport, and some accommodation but not the full living budget — and rarely tuition. The earnings impact on total education cost is bigger than people expect, even when it doesn't fully fund the studies, because it reduces what has to be borrowed.
How many hours should I work while studying?
Most universities recommend 10–20 hours/week as the sustainable range during term — enough to make a financial difference without harming academic performance. Above 25 hours/week, grades typically suffer, which can extend the degree (more cost) or hurt post-graduation outcomes (lower starting salary). The financial gain from more hours has to be weighed against academic and health impacts.
Does working affect academic performance?
Research consistently shows part-time work up to ~15 hours/week has neutral or even slightly positive effects on grades (better time management). Above 20 hours/week, average grades tend to drop. Above 30 hours/week, completion rates drop too. The calculator only handles the financial side — the right hours figure is the one that doesn't compromise your degree.
What if my earnings don't cover costs?
The calculator surfaces this with a negative surplus and shows how much you'd need to draw from savings, loans, or other sources each year. Three options to close the gap: increase hours (within academic limits), reduce living costs (cheaper housing, smaller food budget), or accept that loans will fill the gap and plan accordingly. Most students use a mix of all three.
Should I take a higher-paying job that requires more travel?
Run both scenarios in the calculator. A $25/hour job 15 minutes from campus often beats a $30/hour job 60 minutes away once you factor in travel time and costs. The 'effective' hourly rate (earnings minus travel costs) and time impact (hours unavailable for study or rest) usually decide it. Convenience near campus is worth a lot; a higher rate elsewhere has to clear that hurdle.
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