Take advantage of this gap time to travel the world for a year. Obtain a passport, and select some far-away cultures and countries you are longing to explore. If your student ID is still valid, you may be able to get special deals on plane, train or bus travel. While gallivanting around the world, you can stay in hostels or camp outdoors to save money on lodging. Because the world is so connected, you can still communicate with your parents and loved ones via the Internet and social networking websites. You may even be able to convince some of your friends to travel along with you to explore the world.
Even though you are not currently working towards your degree, it may benefit your career in the long run if you complete an internship in your desired field. Contact companies that work in your desired field, and see if they need any interns. Also, if you are not quite sure what job you want to obtain when you are done with school, you can use this time to intern for a few different companies in different fields to determine what you enjoy the most.
Some charitable organizations have special programs for students who are in a gap year, and they will invite you to volunteer with their organization while paying virtually all of your expenses. In turn for your time -- to perform tasks such as teaching, building homes and helping those less fortunate than yourself -- the organization will pay your travel, room and board while you volunteer. This can be an ideal way to see a different part of the world if you do not have a lot of money saved while giving back.
Higher education is a large expense. If you have a gap year, it may be wise to work as efficiently as possible in one to two jobs to save money for the years ahead. Often, students are still living at home during a gap year. If this is your case, your overhead can remain relatively low, and you can save a good portion of your paycheck without having to worry about making housing and food payments.