This year, I'd apply the money to training and certification opportunities: First Aid, CPR, Fire Guard certification, a basic music theory class or music lessons, a language course (Spanish or French) and I'd contact a friend about doing some sort of observation or work exchange to look at the operations of a high-end scene shop, from the first day of the build through first paid public performance on a single project. I know what the timeline looks like from a SM view, from prep through opening night; seeing a project from the perspective of the shop in a commercial setting would be really cool. Like dallas10086, I would also love to visit the West End and some regional theaters. After all the experience and knowledge-building stuff, I would consider updating my office/tech tools, but really... I'll do that anyway
If I'd had a grant, say, eight years ago, I would have applied a portion to essential training, and earmarked the bulk of it for travel and related expenses. I was lucky to have opportunities in a variety of places; for a very early career SM (without the benefit of experience in negotiating reimbursements, or the backing of a union affiliation at the time) it was an expensive task to travel for great learning opportunities.