A method of dynamically allocating quotas by a server computing device deployed in a telecommunications network comprising: Receiving in a processor of the server computing device a quota request message from a metering and gating component, the quota request message including information requesting allocation of a first quota to a first consumer associated with a shared account balance; Determining whether the first quota may be allocated to the first consumer from the shared account balance without exceeding a balance threshold; Retrieving an eligible quota list that includes information identifying existing quota allocations that are eligible for reduction; Computing a total reclaimable quota size value upon determining that the retrieved eligible quota list identifies at least one quota eligible for reduction and determining whether the total reclaimable quota size value is greater than or equal to a minimum quota allocation size in response to determining that the first quota may not be allocated to the first consumer from the shared account balance without exceeding the balance threshold; Reclaiming a portion of a currently active allocated quota and updating the shared account balance to include the reclaimed portion in response to determining that the total reclaimable quota size value is greater than or equal to the minimum quota allocation size, wherein reclaiming the portion of the currently active allocated quota comprises: determining a priority value for each of a plurality of elements in an eligible quota list, wherein one of the plurality of elements is the currently active allocated quota; sorting the eligible quota list based on the determined priority values; and traversing the sorted eligible quota list sequentially to: select an element from the eligible quota list; reduce an allocated quota size of the selected element; and increment the shared account balance by the reduced allocated quota size; and Allocating the first quota to the first consumer from the updated shared balance account. Receiving in a processor of the server computing device a quota request message from a metering and gating component, the quota request message including information requesting allocation of a first quota to a first consumer associated with a shared account balance; Determining whether the first quota may be allocated to the first consumer from the shared account balance without exceeding a balance threshold; Retrieving an eligible quota list that includes information identifying existing quota allocations that are eligible for reduction; Computing a total reclaimable quota size value upon determining that the retrieved eligible quota list identifies at least one quota eligible for reduction and determining whether the total reclaimable quota size value is greater than or equal to a minimum quota allocation size in response to determining that the first quota may not be allocated to the first consumer from the shared account balance without exceeding the balance threshold; Reclaiming a portion of a currently active allocated quota and updating the shared account balance to include the reclaimed portion in response to determining that the total reclaimable quota size value is greater than or equal to the minimum quota allocation size, wherein reclaiming the portion of the currently active allocated quota comprises: determining a priority value for each of a plurality of elements in an eligible quota list, wherein one of the plurality of elements is the currently active allocated quota; sorting the eligible quota list based on the determined priority values; and traversing the sorted eligible quota list sequentially to: select an element from the eligible quota list; reduce an allocated quota size of the selected element; and increment the shared account balance by the reduced allocated quota size; and determining a priority value for each of a plurality of elements in an eligible quota list, wherein one of the plurality of elements is the currently active allocated quota; sorting the eligible quota list based on the determined priority values; and traversing the sorted eligible quota list sequentially to: select an element from the eligible quota list; reduce an allocated quota size of the selected element; and increment the shared account balance by the reduced allocated quota size; and select an element from the eligible quota list; reduce an allocated quota size of the selected element; and increment the shared account balance by the reduced allocated quota size; and Allocating the first quota to the first consumer from the updated shared balance account.