a lot, allot

A lot or a lot means a large quantity--
We have a lot of homework to do.
He went to an auction and bid on a lot of chairs.
A lot may also mean an unimproved piece of land, without a home or building on it--
There is a lot for sale a few miles away. They are thinking of buying it and building a new home.
There is a lot on the corner that can be used for  parking.

Allot or allot ( rhymes with a lot ) means to portion out or distribute something--
The company will allot two uniforms to each employee.
The voters want the town council to allot money for a new bridge.

Now that you know that, you can say--
"We can't allot a lot of money for this project."

Note--"Lot" is  man's name, famous from the biblical story--
Lot survived the destruction of Sodom.
Note # 2--"allotment" means a share or portion, usually of something regularly divided into portions--
Some servicemen have the military send an allotment to their families.
Note # 3--"lot" may also be used figuratively, to mean one's fate or the circumstances of one's life--
Their lot was hard, but they rarely complained.
Note # 4--"lots" means more than one lot--
There are two vacant lots nearby.
Lots is also slang for a large quantity --
There are lots of sandwiches. Would you like one?
To "cast lots" means to throw dice or gamble--
"... and for my vesture they cast lots."