Upgrade: i5 to i7 Processor, or 8 GB to 16 GB RAM?

Hello, so currently I have a Macbook Pro from 2014 running iOS 10.12.6, and here are its current specs:

Processor: 2.6 GHz Intel Core i5

Memory: 8 GB 1600 MHz DDR3

I'm going to be upgrading to a new laptop for school, so here are the choices that I have:

2.3GHz dual-core 7th-generation Intel Core i5 processor, Turbo Boost up to 3.6GHz

with

16GB 2133MHz LPDDR3 memory

OR

2.5GHz dual-core 7th-generation Intel Core i7 processor, Turbo Boost up to 4.0GHz

with

8GB 2133MHz LPDDR3 memory

So basically, what I need help deciding, is should I upgrade from i5 to i7 processor, or 8 GB to 16 GB?

What I will mostly be using my computer for is school stuff, so running multiple tabs/programs at once probably (which if I think right, that would be RAM). For example, being on Skype, with Chrome in the background, playing while playing a game or editing a video. I'm a communications major, so I'm not in any major that requires certain programs like engineering.

But then at the same time, I do edit videos with Final Cut Pro as a hobby, but the editing is nothing crazy and mostly basic. The most intensive thing I've done is import large raw video files (like 50 hours worth of video total), and speed it up for a drawing time lapse. However, my current laptop wouldn't be able to handle that, so I imported videos in 3 hour segments, sped those up, saved them as smaller .mp4 files, and then compiled all the small mp4 files together. I really didn't mind the process all too much if it means saving a few hundred dollars in upgrades. I'm not making short movies or anything like, but just standard videos you'd see on youtube with basic editing, maybe some voice-over and some simple effects.

I also do draw on photoshop, and create things using photoshop, which does slow down sometimes as well, especially with larger projects.

I also do play some computer games, but it's not something I do often at all. Right now, the only game I have is Minecraft haha.

So I'm looking for something that could handle my school work, my basic video editing and photoshop use, and handling me in general lol. I know in an ideal world I'd have more RAM and a better CPU, but my budget doesn't allow for that, unfortunately. In the end, I'm wondering if I would even NEED to upgrade either? Or would I be fine with the 8 GB and i5 processor? I'm guessing I would see an improvement regardless, since my current laptop is 3 years old. I'm also concerned about whether the i5 processor will become "too old" in these coming years as better CPU's are being released? But also am taking into account that an i7 processor would take up more battery life, and with college portability is important.

So sorry for the ridiculous amount of questions, but if you could help me out I would be soooooo grateful. Thank you all very much.