allocate

Allocate is the act of portioning out something for a certain reason, or to a person or thing. (verb)

An example of allocate is when a boss schedules a certain amount of time each morning in order to go over the day’s business with their employees.
An example of allocate is when a group of people are lost in the woods and they divide up their food and water, giving out an equal portion to each individual.

Allocate is the act of setting aside something for a certain reason. (verb)

An example of allocate is when a person sets aside a certain amount from their paycheck each week to save for an upcoming vacation.

See allocate in Webster's New World College Dictionary