If you’re lucky enough to score a windfall – whether it’s a severance package or an inheritance – you don’t want to squander it. Large amounts of money don’t often just randomly drop into someone’s lap. You want to make sure you make the most of this opportunity.

Here are a few ideas on how to put that money to good use.

Pay Off Credit Card Debt

Credit card debt is toxic. It can seriously destabilize your financial future if you aren’t careful. It’s easy to get in over your head and a lot of people do.

So if you receive any sort of windfall, the first thing you should do with it is pay off any credit card debt you have. It doesn’t matter what your APR is – this is one debt you need to retire as soon as possible. It will be a huge relief knowing you don’t owe any money on your credit cards anymore.

Once it’s paid off, you should make sure you try to avoid racking up any more in the future.

Build an Emergency Fund

If you are out of credit card debt, but you don’t have an emergency fund, now’s the time to start one. Experts recommend having three to six months of expenses set aside in an emergency fund.

That can add up to a sizeable emergency fund, depending upon how much money your household needs to function each month. It can take some time to build it up to that level, but you’ll feel better with every dollar you add in there.

You can put in in a savings account or a money market account – just make sure you can access it if an emergency does happen.

If you have received a windfall, consider putting some or all of it into an emergency fund. You’ll sleep sounder at night knowing you’re covered for a while if you lose your job, have a medical emergency, or a family crisis.

Go Back to School

If you’ve always dreamed of going back to school to pursue your passion or a more lucrative career, this windfall could give you the opportunity to do so.

Look at the cost of the degree you want to obtain and figure out if you’ll be able to earn more money when you receive it. Even if you don’t, you might want to still move ahead with your decision to go back to school if it means you’ll be happier or have less stress. Not every decision in life should be about money, after all.

Open an IRA

If you don’t have any high-interest debt and your emergency fund is already in good shape, you might want to consider opening an IRA with your windfall. If you’ve already paid tax on your windfall – if it was large enough that you were required to do so – you may want to check out a Roth IRA.

While it might be tempting to go out and blow your windfall on a new car, some fancy meals, or new clothes, you should use the bulk of it to improve your finances in some way – and a retirement account is a great way to do that.