If I stick it in the bank, I will never see it again, my parents will see to that.
Nor will you if you spend it. Just sayin'.
My opinion is that $305 dollars is practically a security deposit on an apartment, or a payment on a cheap car. My opinion is also that if you save it, soon enough that $305 dollars will be $1000 dollars, and you'll have a little bit more wiggle room to be able to blow $50 on a game.
This is all coming from a cash-strapped college student, though.
My concern is that you came here asking for our opinion on what you should do with the money, and yet you are dismissing the popular opinions of "save it" or "invest it" or "donate it" and you're just saying "no I want you to tell me to spend it frivolously"
Which is fine, I guess, but then your title should be "$305 cash, and no idea how to spend it frivolously". Or alternatively, you didn't need to make a thread at all.
Just go to a store (preferably not a major chain, support your local businesses maybe) and wander around until something strikes your fancy.
There's no objective recommendations I can make. I could tell you to buy something I enjoy, maybe.
Buy Amnesia: The Dark Descent.
Give some cash to Toady and pretend like you're purchasing 31.19
Buy a Super Nintendo and Earthbound, Super Mario World, Donkey Kong Country, Super Mario RPG, Yoshi's Island, etc.
Buy an N64 and Goldeneye, Super Smash Bros., Perfect Dark, Legend of Zelda: Ocarina of Time, Super Mario 64, Star Fox 64, etc.
Buy The Orange Box.
Buy Rome Total War.
or something.