Well this actually did happen to me last year. I won a $1,000 from a radio contest. I gave it to my Mom. Her water heater broke. She needed the money more than I did.

But if this money was for me, I'd put it towards debt. Hell, I could pay off my credit card. If nothing else, I'd put it towards college. Art school isn't cheap. Paying off debt may be boring, but at least it's practical.