The act of allowing. An amount that is allowed or granted: consumed my weekly allowance of two eggs. Something, such as money, given at regular intervals or for a specific purpose: a travel allowance that covers hotel bills. A price reduction, especially one granted in exchange for used merchandise: The dealer gave us an allowance on our old car. A consideration for possibilities or modifying circumstances: an allowance for breakage; made allowances for rush-hour traffic in estimating travel time. An allowed difference in dimension of closely mating machine parts. To put on a fixed allowance: cut expenses by strictly allowancing the sales representatives. To dispense in fixed quantities; ration.