As a student it is very complicated to deal with studies and work. Extra money would help me to finally stop counting every day and be able to enjoy more simple pleasures and why not even take vacations!
I would save the money for a good masters degree
If I would be granted a basic income of 1000 € per month I would invest all of the money into a fund, in order to increase the actual amount. This would allow me to realize bigger projects in the future without having to change my current spending behaviour.