While there are no "rules", I can give you some guidelines, and... this is how I personally approach the question on settings.
1) Is the subject stationary?
If they are stationary then it frees the constraints... you can use any settings with to shoot a stationary subject while using a stationary camera. In this case I prioritize by control over depth of field. This means I'll set the aperture (f-stop) first. Keep in mind that any photo of a subject isn't usually *just* the subject... it may have foreground elements and will almost always have background elements. Do you want those foreground or background elements to be focused as well as the subject? If the answer is "no", then set a low f-stop (f/2, f/2.8, f/4). If the answer is "yes", then set a high f-stop (f/11, f/16... or even f/22). If the depth of field doesn't matter (everything is at roughly the same distance... no foreground or background elements are visible) then go for the middle f-stops... usually f/8.
After selecting the f-stop, THEN I set the shutter speed.
If the camera is truly stationary (on a solid tripod -- note that I did use the adjective "solid" in front of tripod and not just "tripod". There are lots of junk tripods that are too shaky to give a solid shot with a slow shutter speed) THEN the shutter speed doesn't matter. In THIS case, since I can pick ANY shutter speed, I put priority on low noise so I'll first set a low ISO (e.g. ISO 100) and then set the shutter speed LAST to whatever it needs to be to get a correct exposure (not underexposed... not overexposed.)
If the camera is NOT truly stationary then shutter speed _is_ important because you can only hand-hold a camera steady enough for a shot to a point. The guideline for that speed is the inverse of the focal length multiplied by your camera crop factor. e.g. on a full-frame camera (crop factor = 1) using a 50mm lens then the minimum shutter speed needs to be 1/50th. If you have a crop-factor camera such as an APS-C DSLR (the vast majority of DSLRs are APS-C) then your crop factor is either 1.5 or 1.6 (Canon is 1.6, most others are 1.5) -- in which case with a 50mm focal length you'd need a minimum shutter speed of 1/75th or 1/80th. If you have a lens with image stabilization then it may allow you to shoot a few stops slower. Most image stabilizers are good for at least 2 stops... some are good to 3 stops, and a _few_ even offer some noticeable improvement at as much as 4 stops slower. BUT... image stabilization is not a guarantee. Also the guideline about the minimum shutter speed is based on YOU have good camera-holding technique and are actually trying to be steady.
Basically... if I have a stationary subject then I set aperture first.
2) Is the subject moving?
If the subject IS moving then the shooting flexibility is more constrained. I either want to completely "freeze" the action OR I want to "control" the level of either subject motion or background motion and that level of deliberate motion blur is intended to imply the motion to the viewer.
In this situation I set the shutter speed first. You can freeze the motion of most subjects by shooting with a shutter speed of 1/500th or higher. For some subjects even 1/250th may be fast enough to completely freeze the action. But if I want to imply some motion in the image (create some deliberate motion blur) then I'll set a slower speed -- perhaps 1/60th, and I may track the subject (aka a "panning" shot where the lens follows the movement of the subject so that the subject seems to be still but the background appears to be moving.) The panning technique takes practice.
With the shutter speed set, I view the available f-stops. At higher shutter speeds it'll be more likely that you'll need to use a lower f-stop (unless you have an abundance of light -- with enough light you can have some flexibility with aperture, but often you wont have that much light and your choices are limited.). Since the lens restricts your lowest available f-stop, it may be that even at the lowest f-stop you still wont have enough light for a correct exposure, so you'll have to increase the ISO.
3) Set the lowest ISO you can get away with while still getting a good exposure.
I'd always _like_ to shoot at ISO 100. In the real world that's not always possible. But the higher the ISO, the more "noise" you'll see in your images. You may not notice it if the image size is small (e.g. a small image posted to a website can hide a lot of noise because the image has to be resampled at a lower resolution and the process of reducing resolution causes the software to sample many pixels to create 1 pixel. That tends to average out the noise. With larger image sizes, the noise is more obvious.
Summary:
1 - I'd LIKE to set aperture (f-stop) first and if I have complete freedom, I will.
2 - If the shooting situation necessitates a specific shutter speed, THEN I set shutter speed first and aperture is lower priority.
3 - After satisfying either the aperture or shutter speed needs, I then set the ISO to the lowest setting I can reasonably use.