Pay off all debts first, interest on debts is always higher than interest on deposits. Put enough into a short notice emergency fund to cover, erm, emergencies.

Pay off all debts first, interest on debts is always higher than interest on deposits. Put enough into a short notice emergency fund to cover, erm, emergencies. Divide the rest between safe and risky investments depending on how confident or otherwise you are that this isn't a one off windfall.