I have no expenses, how can I spend money to make money?

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I'm doing a co-op engineering job that pays very well (about average North American salary), but I'm still a university student living with my parents. Because of this, I have no large expenses (bills, mortgage, etc). So, basically all that money will stay in my bank account.


I know this is a very lucky case, and apart from putting money in a savings account, what sort of things can I do to increase the yield of that money? A savings account can only go so far, and I know I need a long term plan.


I want to ensure future financial stability for myself, and if I can "invest" this money in one way or another, I will have much more of a backup for when I do have those large expenses.


Any advice or experience would be very appreciated! Thanks!

Additional Details

Excellent answers so far. Any suggestions for ideas that don't involve just investing in someone or something? For example, buying large amounts of one product and establishing a simple service to resell at a slight increase in price for profit? As opposed to simply investing in someone elses business?

I have no expenses, how can I spend money to make money?